sejal architectural glass limited - Securities and Exchange Board of ...

1 st December, 2007
The Board of Directors,
SEJAL ARCHITECTURAL GLASS LIMITED
201, Abhilasha, 2 nd Floor,
S.V. Road, Kandivali (west)
Mumbai – 400 067.
SECTION VII – FINANCIAL STATEMENTS
I. a) We have examined the annexed financial information of SEJAL ARCHITECTURAL GLASS
LIMITED. (“the Company”), for the year ended 31 st March 2003, 31 st March 2004, 31 st
March 2005, 31 st March 2006, 31 st March 2007(Last five years) and for the period from
April 1, 2007 to September 30, 2007 being the last date to which the accounts of the
Company have been made up and audited by us. The financial statements for the
period ended September 30, 2007 are approved by the Board of Directors of the
Company for the purpose of disclosure in the Offer Document being issued by the
Company in connection with the Issue of Equity Shares of the Company (referred to as
‘the Issue’).
b) In accordance with the requirements of
(i) Paragraph B (1) of Part II of Schedule II to the Companies Act, 1956 (‘the Act’);
(ii) The Securities and Exchange Board of India (Disclosure and Investor Protection)
Guidelines, 2000 (‘the SEBI Guidelines’) issued by the Securities and Exchange
Board of India (‘SEBI’) on January 19, 2000 in pursuance to Section 11 of the
Securities and Exchange Board of India Act, 1992 and related amendments and
(iii) Our terms of reference with the Company dated 31 st October, 2007 requesting
us to carry out work in connection with the Offer Document as aforesaid,
We report that the restated assets and liabilities of the Company as at March 31, 2003, March
31, 2004, March 31, 2005, March 31, 2006, March 31, 2007 and September 30, 2007 are as set
out in Annexure I to this report after making such adjustments / restatements and regrouping
as in our opinion are appropriate and are subject to the Significant Accounting Policies as
appearing in Annexure III.
We report that the restated profits of the Company for the financial years ended 31 st March
2003, 31 st March 2004, 31 st March 2005, 31 st March 2006, 31 st March 2007 and for the period
from April 1, 2007 to September 30, 2007 are as set out in Annexure II to this report. These
profits have been arrived at after charging all expenses including depreciation and after
making such adjustments / restatements and regrouping as in our opinion are appropriate and
are subject to the Significant Accounting Policies and Notes to Accounts appearing in Annexure
III to this report. The Company has not paid any dividend on equity shares for the year ended
31 st March, 2003. However, Dividend on Equity shares has been paid for the year ended 31 st
March , 2004 @ 10%, and @ 15% for the year ended 31 st March 2005, 31 st March 2006 and 31 st
March 2007.
II. We have examined the following financial information relating to the Company
proposed to be included in the Offer Document, as approved by you and annexed to
this report.
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