Mar 31, 2015
We have audited the attached Balance sheet of M/s. JAIPAN INDUSTRIES
LIMITED, as at 31st March, 2015, the Profit and Loss Account and Cash
Flow Statement for the year ended on that date annexed thereto.
These financial statements are responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conduct our audit in accordance with the Auditing Standards
generally accepted in India. Those Standards required 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 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 statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2) As required by Companies [Auditors Report] Order, 2015 ['the
Order'], 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 statement on the matters specified in paragraphs 3 & 4
of the said Order.
3) Further to our comments in the Annexure referred to in paragraph 2
above, we report that ;
a) We have obtained all the information & explanations, which to the
best of our knowledge and belief were necessary for the purpose of
audit.
b) In our opinion, proper books of accounts, as required by Law have
been kept by the Company so far as it appears from our examination of
such books.
c) The Balance Sheet, Profit and Loss Account & Cash Flow Statement
dealt with by this report are in arrangement with the books of
accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account & Cash
Flow Statement dealt by this Report comply with the Accounting
Standards notified under Section 133 of companies act 2013 read with
rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from Directors
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on 31 st March 2015 from being
appointed as a director within the meaning of section 164 of the
Companies Act, 2013.
f) Subject to above, in our opinion and to the best of our information
& explanations given to us, the said accounts read with significant
accounting policies and other notes thereon, give the information
required by the Companies Act, 2013, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India ;
i) In so far as relates to the Balance Sheet, state of affairs of the
Company as at 31st March, 2015;
ii) In so far as relates to the Profit and Loss Account of the profit
of the Company for the year ended on the date, and
iii) In so far as relates to the Cash Flow Statement of the cash flow
of the Company for the year ended on the date.
ANNEXURE TO THE AUDITORS' REPORT
Annexure referred to the paragrph 2 of the Report of even date of the
Auditors' to the Members of Jaipan Industries Limited on the accounts
for the year ended 31st March 2015.
i) a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, physical verification of major items of fixed
assets was conducted by the management during the year. In our opinion,
the frequency of physical verification is reasonable having regard to
the size and operations of the company and the nature of its assets. On
the basis of explanations received, in our opinion, the discrepancies
found on physical verification were not significant.
ii) a) The inventories have been physically verified by the management
at reasonable intervals during the year.
b) In our opinion, the procedures of physical verification of
inventories 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, the Company is maintaining proper records of inventory.
The discrepancies noticed on physical verification were not material in
relation to the operations of the Company and the same have been
properly dealt with in the books of account.
iii) The Company has not granted loans to companies, firms or other
parties covered in the register maintained under section 189 of the
Companies Act.
iv) There is adequate internal control system commensurate with the
size of the Company and the nature of its business for the purchase of
fixed assets and for the sale of goods and services. No major
weaknesses were observed in the aforesaid internal control system.
v) The Company has not accepted any deposits from the public.
vi) According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 148(1) of the Companies Act, for the products of the
Company.
vii) a) The Company is generally regular in depositing undisputed
statutory dues including provident fund, employee's state insurance,
income tax, sales tax, wealth tax, service tax, duty of customs, duty of
excise, cess and any other statutory dues with the appropriate
authority. Based on our audit procedures and according to the
information and explanations given to us, there are no arrears of
undisputed statutory dues which remained outstanding as at March 31,
2015 for a period of more than six months from the date they became
payable.
b) According to the records made available to us and the information &
explanations given by the management, the details of the dues of sales
tax / income tax / custom duty / wealth tax / service tax / excise duty
/ cess, which have not been deposited on account of any dispute, are
given below:
Sr. Name ofthe Nature of Forum Amount
No. Statue Dues where '(In
dispute Lacs)
is
pending
1 Maharashtra Sales Tax
(2002-03, 2003-04, 2004-05, Sales Tax Appeal 153.86
2 Maharashtra Sales Tax (2006-07) Sales Tax Appeal 460.50
3 Maharashtra Sales Tax (2006-07) Sales Tax Appeal 170.91
4 Maharashtra Sales Tax (2009-10) Sales Tax Appeal 118.78
5 Maharashtra Sales Tax (2009-10) Sales Tax Appeal 40.05
6 Maharashtra Sales Tax (2011-12) CST Appeal 33.26
7 Maharashtra Sales Tax (2011-12) Sales Tax Appeal 3.15
8 Maharashtra Sales Tax (2007-08) CST Appeal 48.99
c) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund in
accordance with the relevant provisions ofthe Companies Act, 1956 (1 of
1956) and rules made there under by the Company except amounts held in
abeyance due to legal cases pending - Refer note no. 4.6 forming part
of financial statements.
viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred any cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
ix) The Company has not defaulted in repayment of dues to debenture
holders and has not taken any loan from financial institutions or
banks.
x) The Company has not given any guarantee in respect of debentures.
xi) The Company has not obtained any term loans during the year.
xii) During the year, no fraud on or by the Company has been noticed or
reported during the course of our audit.
For ASHOK K. LOHIYA & ASSOCIATES
CHARTERED ACCOUNTANTS
ASHOK K. LOHIYA (PARTNER)
MEMBERSHIP NO. 108056
FIRM REG. NO. - 124406W
PLACE : MUMBAI
DATED : 14th August, 2015
Mar 31, 2014
We have audited the attached Balance sheet of M/s JAIPAN INDUSTRIES
LIMITED, as at 31st March 2014, the Profit and Loss Account and Cash
Flow Statement for the year ended on that date annexed thereto.
These financial statements are responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conduct our audit in accordance with the Auditing Standards
generally accepted in India. Those Standards required 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 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 statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2) As required by Companies [Auditors Report] Order, 2003 as amended by
Companies [Auditors Report] [ Amended]Order, 2004 [together ''the
Order''], issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Companies Act, 1956, we give in the
annexure a statement on the matters specified in paragraph 4 & 5 of the
said Order.
3) Further to our comments in the Annexure referred to in paragraph 2
above, we report that ;
a) We have obtained all the information & explanations, which to the
best of our knowledge and belief were necessary for the purpose of
audit.
b) In our opinion, proper books of accounts, as required by Law have
been kept by the Company so far as it appears from our examination of
such books.
c) The Balance Sheet, Profit and Loss Account & Cash Flow Statement
dealt with by this report are in arrangement with the books of
accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account & Cash
Flow Statement dealt by this Report comply with the Accounting
Standards notified under companies act ,1956 read with the General
Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act 2013.
e) On the basis of the written representations received from Directors
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on 31st March 2014 from being
appointed as a director within the meaning of section 274 (1)(g) of the
Companies Act, 1956.
f) Subject to above, in our opinion and to the best of our information
& explanations given to us, the said accounts read with significant
accounting policies and other notes 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 so far as relates to the Balance Sheet, of state affairs of the
Company as at 31st March 2014;
ii) In so far as relates to the Profit and Loss Account of the profit
of the Company for the year ended on the date, and
iii) In so far as relates to the Cash Flow Statement of the cash flow
of the Company for the year ended on the date.
ANNEXURE TO THE AUDITORS'' REPORT
Annexure referred to the paragraph 2 of the Report of even date of the
Auditors'' to the Members of Jaipan Industries Limited on the accounts
for the year ended 31st March 2014.
1) The nature of the Company''s business / activities during the year is
such that clause [viii] & [xiii] of paragraph 4 of the Companies
[Auditors'' Report] Order, 2003 are not applicable to the Company for
the year ended on 31st March 2014.
2) In respect of its Fixed assets -:
a) The Company is maintaining proper records, showing full particulars
including quantitative details and location of fixed assets.
b) The Company has programme of physical verification of assets which
in our opinion is reasonable having regards of the size of the Company
& the nature of business.
c) None of the fixed assets have been revalued during the year.
d) In our opinion and according to the information and explanations
given to us No substantial part of fixed assets has been disposed off
during the year.
3) In respect of its Inventory -:
a) The stock of finished goods, spare parts & raw materials has been
physically verified during the year by the management. In our opinion
the frequency of verification is at reasonable interval.
b) The procedure of physical verification of fixed assets followed by
the management as reasonable & adequate in relation to the size of the
company & the nature of its business
c) In our opinion and according to the information & explanations given
to us, discrepancies noticed on physical verification between physical
stock & book records were not material in relation to the operation of
the Company and same have been properly dealt with in the books of
account.
4) In respect of its loans -:
a) The Company has granted loan to our parties covered in register
maintained under section 301 of the Companies Act 1956 (which is being
updated). The maximum amount involved during the year was Rs. 32.62
Lacs Sans & the year- end balance of such loans to such parties was Rs.
32.62 Lacs. The Company has not taken any loan from parties covered in
register covered under Section 301 of Companies Act 1956.
b) There are no terms & condition fixed on which loans have been
granted to parties listed in the register maintained under section 301
of Companies Act 1956.
c) Hence whether the company is regular in covering the principal
amount could not be reported hereunder.
d) In the absence any terms & conditions it is informed to us that
there is no overdue amount of loans taken from or granted to companies,
firms or other parties listed in register maintained under section 301
of Companies Act 1956.
5) In our opinion and according to the information & explanations given
to us, there are adequate internal control procedure commensurate with
the size of the company and the nature of its business with regard to
purchase of stores, raw materials including components, plant &
machinery, equipment & other assets & With regard to sale of goods.
6) a) According to information & explanations given to us, we are of
the opinion That the transactions that need to be entered into the
register maintained under Sections 301 of the Companies Act 1956 are in
the process of being updated.
b) In our opinion and according to information & explanations given to
us, the transactions made in pursuance of contracts & arrangements
which are being Entered in the register maintained under section 301 of
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 prevailing market price at relevant time.
7) The Company has not accepted any Fixed Deposits from the public
during the Year and therefore, the question of compliance with
directives issued by the Reserve Bank of India and the provisions of
section 58A & 58AA or any other Relevant provisions of Companies Act
1956 & the rules framed there under does not arise.
8) In our opinion, Company has an adequate internal audit system
commensurate with its size & nature of its business.
9) Maintenance of cost records has not been prescribed by the Central
Government Under section 209 (1) (d) of the Companies Act 1956 for any
products of the Company.
10) According to information & explanations given to us in respect of
Statutory and Other dues -:
a) The Company is regular in depositing with appropriate authorities
undisputed Statutory dues including Provident Fund, Investor Education
and Protection Fund, Employee''s State Insurance, Sales Tax, Income Tax,
Custom Duties, Excise Duty, Cess & other raw material statutory dues
applicable to it. According to information & explanations given to us,
there are no undisputed amount payable in respect of Wealth Tax, Sales
Tax, Custom Duty, & Cess at the year-end for the period of more than
Six months from the Date, they became payable.
b) According to the information & explanations given to us, there are
no dues of Custom duty, Excise duty, Wealth tax, & cess on account of
any dispute other then as indicated below for the assessment year
2013-2014:-
Sr. Name of the Nature of Dues
No Statue
1 Maharashtra Sales Tax Sales Tax
2 Maharashtra Sales Tax (2006-07) Sales Tax
3 Central Sales Tax (2006-07) Sales Tax
4 Maharashtra Sales Tax (2009-10) Sales Tax
5 Central Sales Tax (2009-10) Sales Tax
Name of the Forum where dispute Amount
Statute is pending Rs. (In Lacs)
Maharashtra Sales Tax Appeal 153.86
Maharashtra Sales Tax (2006-07) Appeal 460.50
Central Sales Tax (2006-07) Appeal 170.91
Maharashtra Sales Tax (2009-10) Appeal 118.78
Central Sales Tax (2009-10) Appeal 40.05
11) The Company has no accumulated losses.
12) Based on our audit procedure & according to information &
explanation given to us, we are of the opinion that the Company has
repayment of dues to Financial Institutions, Banks or Debenture holders
subject to note.
13) The Company has not granted any Loans & advances on the basis of
security by way of pledge of shares, debentures & other similar
securities.
14) In our opinion, the company is not a chit fund or a Nidhi Mutual
fund/Society. Therefore, the provisions of clause 4(xiii)of the
companies (Auditor''s Report) order, 2003 are not applicable to the
company.
15) In our opinion, the Company is not dealing in or trading in shares,
securities, debentures & other investments. Accordingly, the provision
of clause (xiv) of Paragraph 4 of aforesaid Order are not applicable to
the Company.
16) The Company has not given guarantees for loans taken by
subsidiaries, joint Venture companies from Bank or Financial
Institution.
17) The Company has received a long term Car loan from HDFC during the
year for acquiring the Car.
18) According to the information & explanations given to us by the
management, the Funds raised on short term basis have not been used for
long term use & vice versa.
19) The Company has closed out its mobile division during the year and
all of its Stock is transferred to head office (Mumbai).
20) The Company has not raised any money by any preferential allotment
during the year. Therefore the provision of clause (xviii) of paragraph
4 of the aforesaid Order not applicable to the Company.
21) The Company has not issued any debentures during the year under
audit. Accordingly the provisions of clause (xix) of paragraph 4 of the
aforesaid Order not applicable to the Company.
22) The Company has not raised any money by way of public issue during
the year. Therefore, the provisions of clause (xix) of paragraph of the
aforesaid Order not applicable to the Company.
23) During the course of our examination of the books of accounts
carried out in accordance with Generally Accepted Auditing Practices,
we have neither come across any instance of fraud on or by the Company
nor have we been informed of any such case by the management.
For ASHOK K. LOHIYA & ASSOCIATES
CHARTERED ACCOUNTANTS
ASHOK K. LOHIYA
MEMBERSHIP NO. 108056
PLACE : MUMBAI
DATED : 11th August 2014
Mar 31, 2009
We We have audited the attached Balance Sheet of JAIPAN INDUSTRIES
LIMITED, as at 31st March 2009, the Profit and Loss Account and Cash
Flow Statement for the year ended on that date annexed thereto.
These financial statements are responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conduct our audit in accordance with the Auditing Standards
generally accepted in India. Those Standards required 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
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 statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by Companies [Auditors Report] Order, 2003 as amended
by Companies [Auditors Report] [Amended] Order, 2004 [together the
Order], issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Companies Act, 1956, we give in the
annexure a statement on the matters specified in paragraph 4 & 5 of the
said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, we report that;
a. We have obtained all the information & explanations, which to the
best of our knowledge and belief were necessary for the purpose of
audit.
b. In our opinion, proper books of accounts, as required by Law have
been kept by the Company so far as it appears from our examination of
such books.
c. The Balance Sheet, Profit and Loss Account & Cash Flow Statement
dealt with by this report are in arrangement with the books of
accounts.
d. In our opinion, the Balance Sheet, Profit and Loss Account & Cash
Flow Statement dealt by this Report comply with the Accounting
Standards referred to in sub-section [3C] of section 211 of the
Companies Act, 1956.
e. On the basis of the written representations received from Directors
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on 31st March 2009 from being
appointed as a director within the meaning of section 274 (1)(g) of the
Companies Act, 1956.
f. Subject to above, in our opinion and to the best of our information
& explanations given to us, the said accounts read with significant
accounting policies and other notes 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 so far as relates to the Balance Sheet, of state affairs of the
Company as at 31 st March, 2009;
ii) In so far as relates to the Profit and Loss Account of the profit
of the Company for the year ended on the date, and
iii) In so far as relates to the Cash Flow Statement of the cash flow
of the Company for the year ended on the date.
ANNEXURE TO THE AUDITORS REPORT
Annexure referred to the paragraph 2 of the Report of even date of the
Auditors to the Members of Jaipan Industries Limited on the accounts
for the year ended 31 st March 2009
1. The nature of the Companys business / activities during the year
is such that clause [viii] & [xiii] of paragraph 4 of the Companies
[Auditors Report] Order, 2003 are not applicable to the Company for
the year ended on 31st March, 2009.
2. In respect of its Fixed assets :
a) The Company is maintaining proper records, showing full particulars
including quantitative details and location of fixed assets.
b) The Company has programme of physical verification of assets which
in our opinion is reasonable having regards of the size of the Company
& the nature of business.
c) None of the fixed assets have been revalued during the year.
d) In our opinion and according to the information and explanations
given to us no substantial part of fixed assets have been disposed off
during the year.
3. In respect of its Inventory :
a) The stock of finished goods, spare parts & raw materials have been
physically verified during the year by the management. In our opinion
the frequency of verification is at reasonable interval.
b) The procedure of physical verification of fixed assets followed by
the management as reasonable & adequate in relation to the size of the
company & the nature of its business.
c) In our opinion and according to the information & explanations given
to us, discrepancies noticed on physical verification between physical
stock & book records were not material in relation to the operation of
the Company and same have been properly dealt with in the books of
account.
4. In respect of its loans :
a) The Company has granted loan to our parties covered in register
maintained under section 301 of the Companies Act, 1956 (which is being
updated). The maximum amount involved during the year was Rs. 20.4 Lacs
Sans & the year end balance of such loans to such parties was Rs. 20.4
Lacs. The Company has taken loan of Rs. 62,821/- from parties covered
in register covered under Section 301 of Companies Act, 1956.
b) There are no terms & condition fixed on which loan have been granted
to parties listed in the register maintained under section 301 of
Companies Act 1956.
c) Hence whether the company is regular in covering the principal
amount could not be reported hereunder.
d) In the absence any terms & conditions it is informed to us that
there is no overdue amount of loans taken from or granted to companies,
firms or other parties listed in register maintained under section 301
of Companies Act 1956.
5. In our opinion and according to the information & explanations
given to us, there are adequate internal control procedure commensurate
with the size of the company and the nature of its business with regard
to purchase of stores, raw materials including components, plant &
machinery, equipment & other assets & with regard to sale of goods.
6. a) According to information & explanations given to us, we are of
the opinion that the transactions that need to be entered
into the register maintained under section 301 of the Companies Act
1956 are in the process of being updated.
b) In our opinion and according to information & explanations given to
us, the transactions made in pursuance of contracts & arrangements
which are being entered in the register maintained under section 301 of
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 prevailing market price at relevant time.
7. The Company has not accepted any Fixed Deposits from the public
during the year and therefore, the question of compliance with
directives issued by the Reserve Bank of India and the provisions of
section 58A & 58AA or any other relevant provisions of Companies Act
1956 & the rules framed there under does not arise.
8. In our opinion, Company has an adequate internal audit system
commensurate with its size & nature of its business.
9. Maintenance of cost records has not been prescribed by the Central
Government Under section 209 (1) (d) of the Companies Act 1956 for any
products of the Company.
10. According to information & explanations given to us in respect of
Statutory and Other dues :
a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Sales Tax, Income Tax,
Custom Duties, Excise Duty, Cess & other raw material statutory dues
applicable to it. According to information & explanations given to us,
there are no undisputed amount payable in respect of Wealth Tax, Sales
Tax, Custom Duty & Cess at the year end for the period of more then Six
months from the Date, they became payable.
b) According to the information & explanations given to us, there are
no dues of Custom duty, Excise duty, Wealth tax, & Cess on account of
any dispute other then as indicated below.
Sr. No. Name of the Nature of Dues Forum where
dispute Amount
Statue is pending Rs. (In Lacs)
1 Maharashtra
Sales Tax Sales Tax Tribunal 6.16
11. The Company has no accumulated losses. The Company has not
incurred cash loss during the financial year covered year covered by
our report.
12. Based on our audit procedure Saccording to information &
explanation given to us, we are of the opinion that the Company has
repayment of dues to Financial Institutions, Banks or Debenture holders
subject to note. ,
13. The Company has not granted any Loans & advances on the basis of
security by way of pledge of shares, debentures & other similar
securities.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures & other investments. Accordingly, the
provision of clause (xiv) of Paragraph 4 of aforesaid Order are not
applicable to the Company.
15. The Company has not given guarantees for loans taken by
subsidiaries, joint venture companies from Bank or Financial
Institution.
16. The Company has not received any long term loan during the year
and therefore the question of application for the purpose of which they
were obtained does not arise.
17. According to the information & explanations given to us by the
management, the funds raised on short term basis have not been used for
long term use & vice versa.
18. The Company has not raised any money by any preferential allotment
to the companies/parties/firms covered in the register maintained under
section 301 of the Companies Act, 1956, during the Year. Therefore the
provision of clause (xviii) of paragraph 4 of the aforesaid Order not
applicable to the Company.
19. The Company has not issued any debentures during the year under
audit. Accordingly the provisions of clause (xix) of paragraph 4 of the
aforesaid Order not applicable to the Company.
20. The Company has not raised nay money by way of public issue during
the year. Therefore, the provisions of clause (xix) of paragraph of the
aforesaid Order not applicable to the Company.
21. During the course of our examination of the books of accounts
carried out in accordance with Generally Accepted Auditing Practices,
we have neither come across any instance of fraud on or by the Company
nor have we been informed of any such case by the management.
For ASHOK K. LOHIYA & ASSOCIATES
CHARTERED ACCOUNTANTS
ASHOK K. LOHIYA
(Proprietor)
MEMBERSHIP NO. 108056
PLACE : MUMBAI
DATED : 4th September, 2009
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