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Jagan Litech Lamps Ltd.

BSE: 530711 | NSE: | Series: NA | ISIN: INE144C01014 | SECTOR: Auto Ancillaries

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Sep 23, 09:21
50.70 1.70 (3.47%)
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6,950
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5,756
30-Day
12,459
243
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    49.00

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    50.00

  • Bid Price (Qty.)

    49.05 (74)

  • Offer Price (Qty.)

    50.70 (13)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
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Jagan Litech Lamps is not listed on NSE

Annual Report

For Year :
2015 2013 2012 2011 2010 2009 2008 2007 2006

Auditor's Report

ANNUAL REPORT 2005-2006 AUDITORS' REPORT TO THE MEMBERS OF JAGAN LAMPS LTD We have Audited the attached Balance Sheet of Jagan Lamps Ltd., as at 31st March 2006 and also the Profit & Loss Account of the Company for the year ended on that date annexed thereto. 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. We conducted our Audit in accordance with Auditing Standards generally accepted in India. These Standards require that we plan and perform the Audit to obtain reasonable assurance about whether the Financial Statements are free of material mis-statement. An Audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the Financial Statements. An Audit also includes assessing the Accounting 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 (Auditors' Report) Order, 2003, issued by the Central Govt. of India in terms of Sub Section (4A) of Section 227 of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a Statement on the matters specified in paragraph 4 & 5 of the said Order. (2) Further, to our comments in the annexure refereed to in paragraph 1 above, we report that: a) We have obtained all the information and 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 kept by the Company so far as appears from our examination of the Books. c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the Books of Accounts. d) On the basis of written representations received from the Directors and taken on record by Board of Directors we report that none of the Directors is disqualified as on 31st March 2006 from being appointed as a Director in terms of Clause (g) of Sub-Section (1) of section 274 of the Companies Act, 1956. e) In our opinion, the balance Sheet and Profit & Loss Account referred to in our report comply with the Accounting Standards referred to in Sub Section (3c) of the Section 211, of the Companies Act, 1956 except: (i) Accounting Policy No.6 Schedule VII, non accounted of Gains / Losses due to Exchange Fluctuations, amount unascertained, not in confirmity with Accounting Standard 11 (AS-11) issued by the Institute of Chartered Accountants of India. (ii) Accounting Policy No. 7 Schedule VII, regarding Accountal of Bonus, Gratuity and Leave Encashment on Cash basis, amount of Liability not ascertained. Not in confirmity with Accounting Standard 11 (AS-11) issued by the Institute of Chartered Accountants of India. (iii) Accounting Policy No. 3, Schedule VII, regarding Accounting of Sales (Net) is not in conformity with accepted Accounting Principles. (iv) Non determination of Deferred Tax Asset / Liability, amount not ascertained as required as per Accounting Standard 22 (AS-22) issued by the Institute of Chartered Accountants of India. f) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit & Loss Account read with the Notes and Schedules Annexed thereto give subject to para (e) above, the information as 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. * In the case of the Balance Sheet of the State of Affairs of the Company as at 31st March 2006 and * In the case of Profit & Loss Account of the Profit of the Company for the year ended on that date. For Bhasin Raghavan & Co. Chartered Accountant sd/- Place : New Delhi (H. Kapoor) Dated : 28/06/2006 Partner Member Ship No. 82533 ANNEXURE TO THE AUDITOR'S REPORT Referred to in Paragraph 1 of our Report of Even Date on the Accounts of JAGAN LAMPS LTD. for the Year Ended 31st March 2006 1.(a) The Company is maintaining proper records to show full particulars including quantitative details and situation of Fixed Assets. (b) The Fixed Assets of the Company are physically verified by the Management, according to a phased, programme 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. Pursuant to such programme, a physical verification was carried out during the year and this revealed no material discrepancies. (c) No Fixed assets has been sold by the company during the year. 2.(a) The Inventory of the Company has been physically verified by the Management during the Year. In our opinion the frequency of verification is reasonable. (b) In our opinion and according to the information and explanation 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) On the basis of our examination of records of Inventory, in our opinion, the Company has maintained proper records of Inventory. The discrepancies noticed on physical verification between the Physical Stock and the Book Records were not material. 3. The Company has neither granted nor taken any Loans, Secured or Unsecured, from / to Companies, Firms, or Other Parties listed in the Register maintained u/s 301 of the Companies Act, 1956. 4. In our opinion and according to the information and explanation given to us, there are adequate Internal Control procedures commensurate with the size of the Company and the Nature of its Business for the purchase of Stores, Raw Materials, including Components, Plant and Machinery, Equipments and other Assets, and for Sale of Goods. Further on the basis of our examination and information and according to the explanations given to us, we have neither come across nor we have been informed of any instance of major weakness in the aforsaid Internal Control procedures. 5. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the Register maintained u/s 301 of Companies Act, 1956 have been so entered. (b) In our opinion, and according to the information and explanations given to us, no transactions have been made in pursuance of contracts or arrangements entered in the Register maintained u/s 301 of the Companies Act, 1956 exceeding the value of Rs. 5 Lacks in respect of any party during the Year. 6. The Company has not accepted any Deposits from the Public. 7. In our opinion, the company has an Internal Audit System commensurate with the size and the nature of its business. 8. As informed, the Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 for any of the products of the company. 9. (a) Accounting to our information and explanation given to us, and according to the Books and Record and produced and examined by us, in our opinion, the undisputed statutory dues in respect of Provident Fund, Employee's State Insurance, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and other Material. The statutory dues as applicable, have been regularly deposited by the Company during the Year with the appropriate Authorities. (b) As on 31st March 2006, according to the records of the Company and the information, and explanations given to us, the following are the particulars of disputed dues on account of Income Tax that have not been deposited on account of a dispute. Nature of Nature of Amount Period of Forum where the Statute Dues which the Dispute is pending Amount Relates The Income Tax Regular Rs.302933 Asst. Year Commissioner of Act, 1961 Demand 2000-01 Income Tax (Appeals) The Income Tax Regular Rs.353213 Asst. Year Commissioner of Act, 1961 Demand 2003-04 Income Tax (Appeals) 10. The Company has neither accumulated Losses as at March 31, 2006 nor has it incurred any Cash Losses during the Financial Year ended on that date or in the immediately preceding Financial Year. 11. The Company has no Dues towards any Financial Institution or Bank or to Debenture Holders as at the Balance Sheet Date. 12. The Company has not granted any Loans and Advance on the basis or security by way of Pledge of Shares Debentures and other Securities. 13. In our opinion, considering the nature of activities carried on by the Company during the Year, the Provisions of all special Statue applicable to Chit Fund, Nidhi, Mutual Benefit Fund, Societies are not applicable to the Company. 14. In our opinion, the Company has no dealing or trading in Shares, Securities, Debentures and other Investment during the Year. 15. The Company has not given any Guarantees for Loans taken by others from Banks or Financial Institutions 16. The Company has not taken any Term Loan during the Year. 17. Based on the Information and Explanations given to us and on an overall examination of the Balance Sheet of the Company in our opinion, there are no Funds raised on Short Term Basis, which have been used for Long Term Investment and vice-versa. 18. The Company has not made any Preferential Allotment of Shares to Parties and Companies covered in the Register maintained u/s 301 of the Companies Act, 1956 during the Year. 19. The Company has not issued any Debentures. 20. The Company has not raised any money by Public Issue during the Year. 21. During the course of our examination of the Books of Account carried out in accordance with the generally accepted Auditing Practice 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, not have been informed of such case by the Management. For Bhasin Raghavan & Co. Chartered Accountant sd/- Place : New Delhi (H. Kapoor) Dated : 28/06/2006 Partner Membership No. 82533