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Sejal Glass Ltd.

BSE: 532993 | NSE: SEJAL | Series: NA | ISIN: INE955I01036 | SECTOR: Glass & Glass Products

BSE Live

May 06, 16:00
3.87 0.00 (0.00%)
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  • Prev. Close

    3.87

  • Open Price

    3.87

  • Bid Price (Qty.)

    3.60 (80)

  • Offer Price (Qty.)

    3.87 (20)

Sejal Glass is not traded on BSE in the last 30 days

NSE Live

Apr 22, 15:31
5.00 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    5.00

  • Open Price

    5.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Sejal Glass is not traded on NSE in the last 30 days

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

We have audited the attached Balance Sheet of SEJAL ARCHITECTURAL GLASS LIMITED as at March 31, 2008 the Profit and Loss Account and also the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys 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. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures 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 and report that: 1. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government 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 in terms of information and explanations given to us, we enclose 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 referred to in paragraph 1 above : a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; b) In our opinion, proper books of account have been kept by the Company, so far as appears from our examination of such books; c) The Companys Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account; d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this Report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; except Accounting Standard (AS 15) Revised in respect of Retirement Benefits. e) On the basis of written representations received from the Directors and taken on record by the Board of Directors of the Company, we report that none of the Directors is disqualified as on March 31, 2008 from being appointed as a Director in terms of Section 274(1) (g) of the Companies Act, 1956; 3. In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to, Note no. 5, in schedule 22 to the accounts and the consequential effects thereof, and read together with the other notes appearing thereon, 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 the Balance Sheet, of the state of affairs of the Company as at March 31, 2008; (ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date and (iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT [Referred to in Paragraph 1 of thereof] 1. In respect of fixed assets: a) The Company has generally maintained proper records showing full particulars including quantitative details and situation of its fixed assets. b) As explained to us, the assets have been physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification. c) During the year, the Company has not disposed off any substantial part of fixed assets, which will affect the going concern status of the Company. 2. In respect of inventories: a) As informed to us, the inventory has been physically verified by the Management during the year. In our opinion, the frequency of verification is reasonable. b) In our opinion, the procedure of physical verification of inventories followed by the Management is reasonable and adequate in relation to the size of the Company and the nature of its business. c) The Company has maintained proper records of inventory. No material discrepancies have been noticed on verification of inventories as compared to book records. 3. in respect of Loans taken or granted: a) Company has granted unsecured loans amounting to Rs.39.75 Lacs, to Companies, firms or other parties listed in the Register under section 301 of the Companies Act, 1956. These have been fully recovered during the year. The maximum balance outstanding at any point of time during the year in these accounts was Rs.35.50 Lacs. b) The Company had taken loans amounting to Rs.928.15 Lacs during the year in addition to the loans taken and outstanding as at the beginning of the year, from Companies, firms or other parties listed in the Register under section 301 of the Companies Act, 1956. Out of these loans, a sum of Rs.1323.60 Lacs was outstanding as at the end of the year. Maximum balance in these accounts during the year was Rs. 1323.60 Lacs. c) In our opinion, the rates of interest wherever paid or charged, to the parties covered in the Register under section 301 of the Companies Act, 1956, were not prejudicial to the Interests of the Company. d) In our opinion, since no specific stipulations as to the terms of repayment were agreed upon, this clause does not apply. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to the purchases of inventory, fixed assets and with regard to sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 5. (a) According to the information and explanations given to us , we are of the opinion that the transactions need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion, and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the Register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 58A & 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the Deposits accepted from public. According to the information and explanations given to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal, on the Company. 7. On the basis of the internal audit reports broadly reviewed by us, we are of the opinion that the Company has an internal audit system commensurate with its size and nature of its business. 8. According to the information and explanations given to us and to the best of our knowledge and belief, the Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956 for any of the products of the Company. 9. a) The company has generally been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor education protection fund, Employees State insurance, Income Tax, Sales Tax, Value Added Tax, Wealth Tax, Customs Duty, Excise Duty, Cess, and other material statutory dues, as applicable to it, except that in respect of excise duty, payments have been delayed in certain cases & in respect of Central sales tax, no payments have been made during the year. b) In our opinion and according to information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty, and Cess were in arrears as at 31st March 2008 for the period of more than six months from the date they become payable, except Central Sales Tax amounting to Rs. 182.46 Lacs. According to the information and the explanations given to us, there are no dues outstanding of Sales Tax, Custom Duty, Wealth Tax, Excise Duty, or cess and other statutory dues applicable to it, which has not been deposited on account of any dispute. 10. In our opinion, the Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the financial year under report and the immediately preceding financial year. 11. In our opinion and according to the explanations given to us, there have been delays in repayment of Term Loan Instalments to bank of Rs.152.32 Lacs per quarter as follows:- i) First quarter - paid on August 8, August 11 & August 28, 2007; ii) Second Quarter - paid on October 11, October 24 and November 22, 2007; iii) Third Quarter - paid on January 1 7 & January 21, 2008 and iv) Fourth Quarter - paid on April 11 and April 1 7, 2008. The Instalments were due for payment on the last day of each quarter. There are no borrowings from Financial Institutions. No debentures have been issued by the company. 12. In our opinion and according to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the Provisions of any special statute as specified under clause (xiii) of paragraph 4 of the Order are not applicable to the Company. 14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause (xiv) of paragraph 4 of the Order are not applicable to the Company. 15. In our opinion and according to the information and explanations given to us, the Company has not given any Guarantees for loans taken by another company from Banks and hence the provisions of this clause do not apply. 16. In our opinion, the term loans have been applied for the purpose for which these were raised. 1 7. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that the Company has not utilised its working capital funds for acquiring Long Term assets. No long term funds have been used to finance short term assets. 18. a) According to the information and explanations given to us, the Company has made preferential allotment of equity shares during the year to the parties covered in the register maintained under section 301 of the Companies Act. 1956, being the core promoter group of the Company. b) The Company allotted Equity shares to the core promoter group as stated above, at the face value of the shares while major allotment during the year was at premium, as decided by the Board of Directors.. c) According to the information and explanations given to us, the promoters were required to bring in additional equity for the new Float Glass project promoted by the company. In view of the foregoing, the allotment of shares at face value to the core promoters of the project is not prejudicial to the interests of the company. 19. The company has not issued any debentures during the year and hence the provisions of clause (xix) of paragraph 4 of the Order are not applicable to the company. 20. During the year covered by our Audit, the Company has not raised any money by public issue. 21. According to the information and the explanations given to us, no fraud on or by the Company has been noticed or reported during the year. However, we are unable to determine / verify as to whether any such reporting has been made, during the year. For S S PURANIK & CO. Chartered Accountants SHRIPAD S PURANIK Proprietor Membership No. 030670 Place : Mumbai, Date : 28-08-2008