You are here » Home » Companies » Company Overview » B J Duplex Boards Ltd

B J Duplex Boards Ltd.

BSE: 531647 Sector: Industrials
NSE: N.A. ISIN Code: INE265C01017
BSE 05:30 | 01 Jan B J Duplex Boards Ltd
NSE 05:30 | 01 Jan B J Duplex Boards Ltd

B J Duplex Boards Ltd. (BJDUPLEXBOARD) - Auditors Report

Company auditors report

To the Members of

B J DUPLEX BOARDS LIMITED (CIN: L21090DL1995PLC066281)

Report on the Financial Statements

We have audited the accompanying financial statements of M/s B J DUPLEX BOARDS LIMITEDwhich comprise the Balance Sheet as at March 31 2019 the Statement of Profit and Loss& the Cash Flow Statement for the period then ended and a summary of significantaccounting 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows 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. Thisresponsibility 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; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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. In Preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the company or to cease operations or has no realisticalternative but to do so.

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 as 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial Statements.

We are also responsible to conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the entity's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in the auditor's report tothe related disclosures in the financial statements or if such disclosures areinadequate to modify the opinion. Our conclusions are based on the audit evidenceobtained up to date to the auditor's report. However future events or conditions maycause an entity to cease to continue as a going concern.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone 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 of the state of affairs of the Company as at 31stMarch2019 and 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) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-Section (11) of section 143 ofthe Companies Act 2013 we give in the ‘Annexure A' a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss and theCash Flow Statement dealt with by this Report are in agreement with the books of account.d) In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified 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 20189 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164(2) of the Act.

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

i. 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 explanations given to us:

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

iii.The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses. iv.There was no amount which wasrequired to be transferred to the Investor Education and Protection Fund by the Company.

iv. The disclosures in the financial statements regarding holdings as well as dealingsin specified bank notes during the period from 08.11.16 to 30.12.16 have not been madesince they do not pertain to the financial year ended 31 March 2019.

For V.R. BANSALS & ASSOCIATES

Chartered Accountants

Sd/-

(Rajan Bansal)

Proprietor

Membership NO : 093591

Firm's reg. number : 016534N

Date:27.05.2019

Place: New Delhi

ANNEXURE-A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 of our Report on Other Legal and Regulatory Requirements)

I. The Company does not have any fixed assets and accordingly the provisions ofclauses i (a) (b) and (c) of the Order are not applicable to the Company.

II. As explained to us inventories have been physically verified during the year bythe management at reasonable intervals. No material discrepancy was noticed on physicalverification of stocks by the management as compared to book records.

III. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013 & accordingly the provisions of clauses iii(a) (b) and (c) of the Order are not applicable to the Company.

IV. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions section 185 and 186 of the Companies Act 2013 inrespect of grant of loans making investments and providing guarantees and securitieswherever applicable.

V. The company has not accepted any deposits from the public covered under sections 73to 76 of the Companies Act 2013.

VI. As per information & explanation given by the management maintenance of costrecords has not been specified by the Central Government under sub-section (1) of section148 of the Companies Act 2013 & accordingly the provisions of clause (vi) of theOrder is not applicable to the Company.

VII. According to the records of the Company in our opinion the Company has notdeposited the dues of Employees Provident Fund and Sales Tax with the appropriateauthorities in India and arrears of these dues as at 31st March 2019 outstanding for aperiod of more than six months from the date from which they became payable were Rs.1181835/- on account of E.P.F. The Registration under sales Tax was cancelled from 2005onwards. There is also default in payment of Late filling fees u/s 234E of Income Tax Act1961 in case of TDS return filling for FY 2015-16. Company promises to pay in near future.

VIII. As per the records of the Company there are no disputed dues in respect ofincome tax or sales tax or service tax or duty of custom or duty of excise or value addedtax outstanding as at 31st March2019.

IX. According to the information and explanations given by the management the Companyhas not defaulted in repayment of dues to a financial institution bank Government ordebenture holders as applicable to the company.

x. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments). According to the information & explanations givento us the company has not taken any term loan during the year and accordingly theprovisions of clause 3 (ix) of the Order is not applicable to the company.

xi.According to the information and explanations given to us we report that no fraudby the company or any fraud on the Company by its officers or employees has been noticedor reported during the year.

xii. The company has neither paid nor provided any managerial remuneration; accordinglyparagraph 3(xi) of the order is not applicable.

xiii. The company is not a Nidhi Company and accordingly the provisions of clause 3(xii) of the Order is not applicable to the company.

xiv. According to the information and explanations given to us all transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the Financial Statements asrequired by the applicable accounting standards.

xv. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review and accordinglythe provisions of clause 3(xiv) of the Order is not applicable to the company.

xvi. According to the information and explanation given to us and on the basis of ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with the directors and accordingly theprovisions of clause 3 (xv) of the Order is not applicable to the company.

xvii. According to the information and explanation given to us the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act1934 andaccordingly the provisions of clause3(xvi) of the Order is not applicable to the company.

For V.R. BANSALS & ASSOCIATES

Chartered Accountants

Sd/-

(Rajan Bansal)

Proprietor

Membership number: 093591

Firm's reg. number : 016534N

Date: 27.05.2019

Place: New Delhi

ANNEXURE-B TO INDEPENDENT AUDITORS' REPORT

(Report on the Internal Financial Controls under Clause (i) of Sub section 3 of Section143 of the Companies Act 2013 ("the Act")

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 M/s B JDUPLEX BOARDS LIMITED as of March 31 2019 in conjunction with our audit of the financialstatements 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. 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 the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 ICAIand 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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures electeddepend on the auditor's judgement including the assessment of the risks of materialmisstatement 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 pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; provide reasonable assurance that transactionsare recorded as necessary to permit preparation of financial statements in accordance withgenerally accepted accounting principles and that receipts and expenditures of thecompany are being made only in accordance with authorisations of management and directorsof the company; and provide reasonable assurance regarding prevention or timely detectionof unauthorized 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 be come in adequate 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 312019 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 V.R. BANSALS & ASSOCIATES Chartered Accountants

Sd/-

(Rajan Bansal)

Proprietor

Membership No.: 093591

Firm's reg. No. : 016534N

Date: 27.05.2019

Place: New Delhi