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The Indian Wood Products Co. L Ltd.

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The Indian Wood Products Co. L is not listed on NSE

Annual Report

For Year :
2018 2017

Auditor's Report

Report on the Financial Statements

We have audited the accompanying financial statements of M/s The Indian Wood Products Company Limited (‘the Company’), which comprises of the Balance Sheet as at March 31, 2017, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Management and the Board of Director’s of the Company are responsible for the matter stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash lows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standard specified in Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility includes the 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 judgements and estimates that are reasonable and prudent; design, implementation and maintenance of internal financial controls that were operating effectively for ensuring accuracy and completeness of accounting records, relevant to the preparation and presentation 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

Our responsibility is to express an opinion on these financial statements based on our audit. 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 provisions of the Act and the Rules made there under. 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.

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 financial control relevant to the Company’s preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. 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.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required read with notes appearing thereon and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) In the case of the Balance Sheet, of the state of affairs of the company as at March 31, 2017.

b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date.

c) In the case of Cash Flow Statement, of the cash lows 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, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that:

a) We have sought and 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 account as required by law have been kept by the Company, so far as appears from our examination of those books.

c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement referred to in this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the applicable Accounting Standards specified under Section 133 of the Act, read with the Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations received from the directors as on March 31, 2017 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2017, from being appointed as a director in terms of section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

g) In our opinion and to the best of information and according to the explanations given to us, we report as under with respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i. The Company does not have any pending litigations which would impact its financial position.

ii. The Company does not have any long term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the company during the year under report to transfer any sums to the Investors Education and Protection Fund. The question of delay in transferring such sums does not arise.

iv. The Company has provided requisite disclosures in the financial statements as to holdings as well as dealings in Specified Bank Notes during the period from November 8, 2016 to December 30, 2016. Based on audit procedures and relying on the management representation we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the Management.

“Annexure A” to the Independent Auditors’ Report

1) (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the company and the nature of its assets.

(c) According to information and explanation given to us and on the basis of our examination of the records of the company, the title deeds of immovable properties are held in the name of the company.

2) The inventories have been physically verified during the year by the management at regular intervals. In our opinion and according to the information and explanations given to us, no material discrepancies were noticed on physical verification.

3) According to the information and explanations given to us, 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 Companies Act, 2013. Accordingly the sub clauses (a) and (b) are not applicable to the company.

4) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of investments, guarantees and securities.

5) In case of Public Deposits accepted by the company till March 2014 under the Companies Act, 1956 have been repaid fully on maturity No new deposits have been accepted by the company under the provisions of the Companies Act, 2013.

6) The Central Government of India has not prescribed the maintenance of cost records by the company as required under Section 148(1) of the Companies Act, 2013 for any of its products.

7) According to the information and explanations given to us in respect of statutory and other dues and on the basis of our examination of the books of account and records:

a) The Company has been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty Cess and other statutory dues with the appropriate authorities during the year.

b) The details of dues of Sales Tax, Custom Duty, Excise Duty, Employees State Insurance and Cess which have not been deposited as on March 31, 2017 on account of disputes are given below:

Particulars

Financial Year to which the matter pertains

Forum where the matter is pending

Amount (Rs.)

Central Sales Tax, Delhi

1987-88

Appellate Tribunal

22,642/-

Central Sales Tax, Delhi

2001-02

Appellate Tribunal

74,57,991/-

Central Sales Tax, Delhi

2002-03

Additional Commissioner

2,15,991/-

Local Sales Tax, Delhi

2002-03

Additional Commissioner

43,74,827/-

Mandi Samity

1997-98

Hon’ble High Court, Allahabad

23,29,265/-

U P Sales Tax

2007-08

Appeal before Joint Commissioner

9,407/-

Central Sales Tax

2008-09

Appeal before Joint Commissioner

32,000/-

UP VAT

2010-11

Appeal before Deputy Commissioner

63,052/-

8) According to the information and explanation given to us the company has not defaulted in repayment of dues to financial institutions or bank and has not issued debentures.

9) To the best of our knowledge and belief and according to the information and explanations given to us, the term loans availed by the company were applied by the company for the purposes for which the loans were obtained.

10) Based upon the audit procedures performed and according to the information and explanations given to us no fraud on or by the company has been noticed or reported by management during the year of our audit.

11) To the best of our knowledge and belief and according to the information and explanation given to us, managerial remunerations has been paid/provided in accordance with the requisite approvals mandated by the provisions of Sec 197 read with Schedule V to the Act.

12) In our opinion and according to the information and explanations given to us, the company is not a nidhi company. Accordingly, paragraph 3(xii) of the order is not applicable.

13) According to the information and explanations given to us and based on our examination of the records of the company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

14) According to the information and explanations given to us and based on our examination of the records, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

15) According to the information and explanations given to us and based on our examination of the records, the company has not entered into non-cash transactions with directors or persons connected with them. Accordingly paragraph 3 (xv) of the order is not applicable.

16) The company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.

For S. K. AGRAWAL & CO.

Chartered Accountants

Firm’s Registration No. - 306033E

(J. K. Choudhury)

Date: 30th May, 2017 Partner

Place: Kolkata Membership No.009367