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Jagan Lamps Ltd.

Auditor Report

BSE: 530711ISIN: INE144C01014INDUSTRY: Auto Ancl - Equipment Lamp

BSE   Rs 102.50   Open: 104.25   Today's Range 102.00
105.50
-1.75 ( -1.71 %) Prev Close: 104.25 52 Week Range 56.00
152.99
You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 74.83 Cr. P/BV 2.74 Book Value (Rs.) 37.44
52 Week High/Low (Rs.) 153/56 FV/ML 10/1 P/E(X) 28.09
Bookclosure 30/09/2023 EPS (Rs.) 3.65 Div Yield (%) 0.00
Year End :2015-03 
1. We have audited the accompanying financial statements of Jagan Lamps Ltd which comprise the Balance Sheet as at 31st March, 2015, Statement of Profit and Loss, the Cash Flow Statement, for the year then ended ,and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to preparation of these financial statements that give a true and fair view of the financial position and financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit.

4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

5. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements.

Opinion

8. In our opinion, and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements together with the notes thereon, give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India ,of the state of affairs of the Company as at March 31, 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, (the "Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanation to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

10. As required by section 143(3) of the Act, we report that:

(I) We have sought and obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(iii) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow statement dealt with by this Report are in agreement with the books of account.

(iv) In our opinion, the Balance Sheet and Statement of Profit & Loss comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2013, except.

(a) Accounting Policy No-6,Note-1, regarding non accountal of gains/ losses due to exchange fluctuations, amount unascertained ,not in conformity with Accounting Standard 11(AS-11) issued by the Institute of Chartered Accountants of India.

(b) Accounting Policy No-7, Note-1 ,regarding accountal of bonus, leave encashment and gratuity on cash basis , amount of liability not ascertained , not in conformity with Accounting Standard 15 (AS-15) issued by the Institute of Chartered Accountants of India.

(c) Accounting Policy No-2, Note-1, regarding accounting of sales (net) is not in conformity with accepted Accounting Principles

(v) On the basis of written representations received from the directors as on March 31, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164(2) of the Act.

(vi) That the information with regard to other Matters as required to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, is given here under:

1) As per information provided, the Company does not have any pending litigations which would impact its financial position.

2) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable Losses.

3) There were no amounts which required to be transferred to the Investor Education and Protection Fund by the Company.

1) (a) The Company is maintaining proper records to show full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phased programmed designed to cover all the items over a period of three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As informed to us no material discrepancies as compared to book records were noticed on assets verified during the year.

2) (a) As explained to us, the inventory was physically verified during the year by the Management. In our opinion, the frequency of the verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory, the Company is maintaining proper records of inventory . The discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

3) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3(iii), (iii) (a) and (iii) (b) of the said order are not applicable to the Company.

4) In our opinion and according to the information and explanations given to us, having regard to the explanation that, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

5) The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75, and 76 of the Act and the rules framed there under to the extent notified.

6) The provisions of maintenance of cost records specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 and vide Companies (Cost Records and Audit) Amendment Rules , 2014 for the products dealt/manufactured by the Company are not applicable to the Company . Therefore the clause (vi) of para 3 of the Companies (Auditors Report) Order, 2015 are not applicable to the Company.

7) a) According to the records of the Company examined by us and information and explanations given to us, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Cess and other applicable statutory dues with the appropriate authorities during the year.

b) There are no arrears of outstanding undisputed statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they become payable.

8) The Company does not have accumulated losses as at the end of the financial year and it has not incurred any cash losses in the financial year ended on that date and in the immediately preceding financial year.

9) According to the information and explanations given to us, and as per our verification of the records of the Company, the Company has not defaulted in repayment of dues to financial institution or Bank or debenture holders.

10) In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year accordingly, the provisions of Clause 3(x) of the Order are not applicable to the Company.

11) According to the information and explanations given to us, the Term Loans have been applied for the purpose for which the Loans were obtained.

12) 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, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

                                           For Bhasin Raghavan & Co 

                                              Chartered Accountants 

                                                        FRN 000197N 

                                                         (V. Singh)

Place: New Delhi                                            Partner

Date : 30.05.2015                                Membership # 93458
 
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