Mar 31, 2018
Report on the Ind AS Financial Statements
We have audited the accompanying Ind AS financial statements of Jayant Agro-Organics Limited (''the Company''), which comprise the Balance Sheet as at 31st March 2018, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information (herein after referred to as "Ind AS financial statements"). The financial statements for the year ended March 31, 2017 were audited and reported upon by another firm of Chartered Accountants vide their report issued on May 06, 2017. We have relied upon these financial statements for the purpose of opening balances as at April 01, 2017 which are regrouped or restated where necessary.
Management''s Responsibility for the Ind AS Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with relevant rules issued thereunder.
This responsibility also includes maintenance of adequate accounting records in accordance with the 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; makingjudgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financia 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 Ind AS 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 the provisions of the Act and the Rules made thereunder
We conducted our audit of the Ind AS financial statements 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 Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS 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 Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS, of the state of affairs of the Company as at 31st March, 2018, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. 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 purposes of our audit;
(b) in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) the balance sheet, the statement of profit and loss including other comprehensive income, the cash flow statement and statement of changes in equity dealt with by this Report are in agreement with the relevant books of account;
(d) in our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rule issued thereunder;
(e) on the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2018 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 A"; and
(g) 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, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has discussedthe impact of pending litigations on its financial position- Refer Note No. 36 to the Ind AS financial statements.
ii. The Company does not have any long term contracts including derivatives contracts for which there were any material foreseeable losses. Refer Note No. 49 to the Ind AS financial statements.
iii. There has been no delay in transferring amount, required to be transferred to the Investor Education and Protection Fund- Refer Note No. 50 to the Ind AS financial statements.
2. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in ''Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order
ANNEXURE A TO THE INDEPENDENT AUDITORS'' REPORT ON THE IND AS FINANCIAL STATEMENTS OF JAYANT AGRO-ORGANICS LIMITED.
(Referred to in paragraph 1 (f) under ''Report on Other Legal and Regulatory Requirements'' of our report of even date)
Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013 ("the Act") We have audited the internal financial controls over financial reporting of Jayant Agro-Organics Limited("the Company") as of 31st March 2018 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning ofInternal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financia reporting were operating effectively as at 31st March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note.
ANNEXURE B TO THE INDEPENDENT AUDITORS'' REPORT ON THE IND AS FINANCIAL STATEMENTS OF JAYANT AGRO-ORGANICS LIMITED.
(Referred to in paragraph 2, under ''Report on Other Legal and Regulatory Requirements'' section of our Report of even date)
(i) (a) The Company has generally maintained proper books and records showing full particulars, including quantitative details and situations of fixed assets;
(b) The Company has a regular program of physica verification of its fixed assets by which all fixed assets are physically verified, periodically. In our opinion, periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its business. According to information and explanations given to us, no material discrepancies were noticed on such verification;
(c) The title deeds of immovable properties of the company are held in the name of the company.
(ii) Physical verification of inventory has been conducted at reasonable intervals by the management. There is no material discrepancy noticed by management during the year. The discrepancies noticed have been dealt with in the books of account appropriately.
(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register of maintained under Section 189 of the Companies Act 2013.
(iv) In our opinion and according to the explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act in respect of grant of loans, making investments and providing guarantees and securities, as applicable.
(v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public.
(vi) According to the information and explanation given to us, the Central Government vide Companies (Cost records and audit) Rules, 2014 prescribed the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013. The company has maintained the cost records and accounts as required by the Companies (Cost records and audit) Rules, 2014.
(vii) In respect of statutory dues:
(a) According to the information and explanation given to us, and according to the records of the Company as examined by us, undisputed statutory dues including, income tax, custom duty, excise duty, service tax, cess and other statutory dues have been regularly deposited during the year with the appropriate authorities. No undisputed amounts payable were outstanding as at March 31, 2018 for a period of more than six months from the date on which they become payable.
(b) According to the information and explanation given to us and based on the records of the Company examined by us, dues of income tax, VAT and other statutory dues outstanding as on March 31, 2018 which have not been deposited on account of any dispute are tabulated below:-
Name of Statute |
Nature of Dues |
Amount |
Period to which it Relates |
Forum where pending |
Finance Act,1994 |
Service Tax |
434,123 |
Apr-08 to Sep-08 |
Deputy Commissioner |
Service Tax |
121,962 |
Oct-09 to Jan-15 |
Joint Commissioner |
|
Service Tax |
258,697 |
Apr-08 to Dec-08 |
CESTAT |
|
Service Tax |
345,284 |
Jan-09 to Mar-09 |
CESTAT |
|
Service Tax |
2,728,999 |
Oct-09 to Jan-15 |
Joint Commissioner |
|
Service Tax |
1,078,303 |
Feb-15 to Jan-16 |
Joint Commissioner |
|
Service Tax |
19,393 |
Feb-15 to Jan-16 |
Commissioner (Appeals-1) Vadodara |
|
Service Tax |
9,553,275 |
Apr-06 to May-11 |
Commissioner |
|
Service Tax |
68,869 |
Apr-11 to Dec-14 |
CESTAT |
|
Service Tax |
826,224 |
Aug-11 to May-12 |
CESTAT |
|
Service Tax |
68,225 |
Jan-15 to Dec-15 |
SCN Reply submitted |
|
Service Tax |
52,366 |
Jan-16 to June-17 |
SCN Reply submitted |
|
Income Tax Act, 1961 |
Income Tax |
2,458,171 |
FY 2012 - 2013 |
Commissioner of Income - Tax (Appeals) |
Income Tax |
1,450,889 |
FY 2013-2014 |
Commissioner of Income - Tax (Appeals) |
(viii) According to the information and explanations given to us, and based on the verification of records of the company, the company has not defaulted in repayment of loans or other borrowings from financial institutions, banks, Government or due to debenture holders.
(ix) According to the information and explanations provided to us and as per the records of the company examined by us, the Company has not raised funds by way of public issue / follow-on offer (including debt instruments) during the year. According to the information and explanations provided to us, the term loan raised have been applied by the Company during the year for the purpose for which they were raised.
(x) To the best of our knowledge and belief and according to the information and explanation given to us, no fraud by the Company or any fraud on the Company by its officers / employees has been noticed or reported, during the year.
(xi) Managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to the Companies Act.
(xii) In our opinion and according to information and explanations given to us, Company is not a Nidhi Company.
(xiii) All transactions with the related parties are in compliance with Section 188 and 177 of Companies Act, 2013 where applicable and the details of the same have been disclosed in the Financial Statements in Note No. 43 as required by the Accounting Standards and Companies Act, 2013.
(xiv) During the year under review, the company has not made any preferential allotment / private placement of shares or fully or partly convertible debentures.
(xv) During the year under review, the company has not entered into any non-cash transactions with directors or persons connected with him.
(xvi) The company is not required to be registered under section 45-IA of Reserve Bank of India Act, 1934.
For Vatsaraj & Co.
Chartered Accountants
(FRN: 111327W)
CA Mayur Kisnadwala
Place: Mumbai (Partner)
Date: May 5, 2018 Membership No. 033994
Mar 31, 2017
To the Members of
Jayant Agro-Organics Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Jayant Agro-Organics Limited, which comprises the Balance Sheet as at March 31, 2017, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards prescribed under Section 133 of the Act, as applicable. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the 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 the provisions of the Act and the Rules made there under and the Order under section 143(11) of the Act.
We conducted our audit of the standalone financial statements 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 the Company''s Directors, 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 aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2017, and its profit and its cash flow for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. 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 purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards prescribed under section 133 of the Act, as applicable.
e) On the basis of the written representations received from the directors as on March 31, 2017 taken or 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 A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) 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, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has discussed the impact of pending litigations on its financial position - Refer Note 32 to the Financial Statements
ii. Since company did not have any long term contracts including of derivatives, there are no material foreseeable losses on account of such contracts
- Refer Note 44 to the Financial Statements.
iii. There has been no delay in transferring amounts, required to be transferred to the Investor Educator and Protection Fund - Refer Note 45 to the Financial Statements.
iv. The Company has provided requisite disclosure in the financial statements as to holding as well as dealing in Specified Bank Notes during the period from November 08, 2016 to December 30, 2016 - Refer Note 46 to the Financial Statements.
2. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section 11 of section 143 of the Act, we give in the ''Annexure B", a statement on the matters specified in paragraphs 3 and 4 of the Order.
ANNEXURE A TO THE INDEPENDENT AUDITOR''S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF JAYANT AGRO-ORGANICS LIMITED.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (''the Act")
We have audited the internal financial controls over financial reporting of Jayant Agro-Organics Limited. ("the Company") as of March 31, 2017 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on "the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by The Institute of Chartered Accountants of India". These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, to the extent applicable to an audit of internal financial controls, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
The Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
ANNEXURE B TO THE AUDITORS'' REPORT
Referred to in paragraph 2 of our report of even date on the financial statements for the year ended March 31, 2017 of Jayant Agro-Organics Limited and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we state that:
(i) (a) The Company has generally maintained proper books and records showing full particulars, including quantitative details and situations of fixed assets
(b) The Company has a regular program of physical verification of its fixed assets by which all fixed assets are physically verified, periodically. In our opinion, periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its business. According to information and explanations given to us, no material discrepancies were noticed on such verification;
(c) The title deeds of immovable properties of the Company are held in the name of the company.
(ii) Physical verification of inventory has been conducted at reasonable intervals by the management. There is no material discrepancy noticed by management during the year The discrepancies noticed have been dealt with in the books of account appropriately;
(iii) 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.
(iv) In our Opinion and according to the explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act in respect of grant of loans, making investments and providing guarantees and securities, as applicable.
(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit from the public.
(vi) According to the information and explanation given to us, the Central Government vide Companies (Cost Records and Audit) Rules, 2014 prescribed the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013. The Company has maintained the cost records and accounts as required by the Companies (Cost Records and Audit) Rules, 2014.
(vii) In respect of statutory dues:
(a) According to the information and explanation given to us and as per the records of the Company examined by us, undisputed statutory dues including, income tax, custom duty, excise duty, service tax, cess and other statutory dues have been regularly deposited during the year with the appropriate authorities. No undisputed amounts payable were outstanding as at March 31, 2017 for a period of more than six months from the date on which they become payable.
(b) According to the information and explanation given to us and based on the records of the Company examined by us, dues of income tax, VAT and other statutory dues outstanding as on March 31, 2017 which have not been deposited on account of any dispute are tabulated below:-
Name of Statute |
Nature of Dues |
Amount in Rs. |
Period to which it Relates |
Forum where pending |
Finance Act,1994 |
Service Tax |
434,123 |
Apr-08 to Sep-08 |
Deputy Commissioner |
Service Tax |
434,982 |
Oct-08 to Mar-09 |
Deputy Commissioner |
|
Service Tax |
874,699 |
Apr-09 to Sep-09 |
Additional Commissioner |
|
Service Tax |
118,122 |
Oct-09 to Jan-15 |
Joint Commissioner |
|
Service Tax |
258,697 |
Apr-08 to Dec-08 |
CESTAT |
|
Service Tax |
345,284 |
Jan-09 to Mar-09 |
CESTAT |
|
Service Tax |
455,802 |
Apr-09 to Sep-09 |
Assistant Commissioner |
|
Service Tax |
2,408,656 |
Oct-09 to Jan-15 |
Joint Commissioner |
|
Service Tax |
667,804 |
Feb-15 to Jan-16 |
Joint Commissioner |
|
Service Tax |
9,553,275 |
Apr-06 to May-11 |
Commissioner |
|
Service Tax |
68,869 |
Apr-11 to Dec-14 |
CESTAT |
|
Service Tax |
826,224 |
Aug-11 to May-12 |
CESTAT |
|
Income Tax Act, 1961 |
Income Tax |
2,458,171 |
FY 2012 - 2013 |
Commissioner of Income Tax (Appeals) |
(viii) According to the information and explanations given to us, and based on the verification of records of the company, the company has not defaulted in repayment of loans or other borrowings from financial institutions, banks, Government or dues to debenture holders.
(ix) The Company has not raised monies by the way of initial public offer or further public offer (including debt instruments) during the year. According to the information and explanations given to us, the term loans raised have been applied by the company during the year for the purposes for which they were raised.
(x) To the best of our knowledge and belief and according to the information and explanation given to us, no fraud by the Company or any material fraud on the Company by its officers/ employees has been noticed or reported, during the year.
(xi) Managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013.
(xii) In our opinion and according to information and explanations given to us, Company is not a Nidhi Company.
(xiii) All transactions with the related parties are in compliance with Section 188 and 177 of Companies Act, 2013 where applicable and the details of the same have been disclosed in Note 39 of the Financial Statements in as required by the accounting standards and Companies Act, 2013.
(xiv) During the year under review the company has not made any preferential allotment / private placement of shares or fully or partly convertible debentures.
(xv) During the year under review, the company has not entered into any non-cash transactions with directors or persons connected with him.
(xvi) The company is not required to be registered under section 45-IA of Reserve Bank of India Act, 1934.
For T. P. Ostwal & Associ ates LLP
Chartered Accountants
(Registration No. 124444W/W100150)
T. P. Ostwal
Place: Mumbai (Partner)
Date: May 06, 2017 Membership No. 30848
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Jayant agro-organics Limited, which comprises the Balance Sheet as at
March 31, 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management's responsibility for the Financial statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance of the Company
in accordance with the accounting principles generally accepted in
India, including the Accounting Standards specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This
responsibility also includes the maintenance of adequate accounting
records in accordance with the provision of the Act for safeguarding of
the assets of the Company and for preventing and detecting the frauds
and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of internal
financial control, that were operating effectively for ensuring the
accuracy and completeness of the 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.
Auditors' 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 the
provisions of the Act and the Rules made thereunder. 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 auditors' 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 control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on whether the Company has in place an
adequate internal financial controls system over financial reporting and
the operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the company's
directors, 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 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, 2015;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other Legal and regulatory requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section 11 of section 143 of the Act, we give in the Annexure, 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 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 accounts as required by law have
been kept by the Company so far as it appears from our examination of
those books;
c) the Balance Sheet and the Statement of Profit and Loss dealt with by
this report are in agreement with the books of account;
d) in our opinion, the Balance Sheet and the Statement of Profit and
Loss comply with the Accounting Standards specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) on the basis of the written representations received from the
directors of the Company, taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31, 2015
for being appointed as a director in terms of Section 164(2) of the
Act;
f) with respect to the other matters included in the Auditor's Report
and to the best of our knowledge and according to the information and
explanations given to us :
i. The Company has disclosed the impact of pending litigations on its
financial position in Note 31 of the financial statements
ii. Since the company does not have any long term contracts including
of derivatives, there are no material foreseeable losses on account of
such contracts.
iii. Amounts required to be transferred to the Investor Education and
Protection Fund is transferred by the Company on time.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph (1) of our report of even date on the financial
statements for the year ended March 31, 2015 of Jayant Agro-Organics
Limited and on the basis of such checks as we considered appropriate
and according to the information and explanations given to us, we state
that:
i. (a) The Company has generally maintained proper books and records
showing full particulars, including quantitative details and situations
of fxed assets.
(b) The Company has a regular programme of physical verification of its
fxed assets by which all fixed assets are physically verified,
periodically. In our opinion, periodicity of physical verification is
reasonable having regard to the size of the Company and the nature of
its business. According to information and explanations given to us, no
material discrepancies were noticed on such verification.
ii. (a) As explained to us, inventories have been physically verified
during the year by the Company's management. In our opinion the
frequency of physical verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, 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) On the basis of our examination of the inventory records, we are of
the opinion that, the Company is maintaining proper records of its
inventory. The discrepancies noticed during physical verification of
inventory as compared to book records were not material and have been
properly dealt with in the books of account.
iii. In our opinion and 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
required to be maintained under Section 189 of the Companies Act, 2013.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for sale of goods and
services.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal control system.
v. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit from the public.
vi. According to the information and explanations given to us, the
Central Government vide Companies (Cost records and audit) Rules, 2014
prescribed the maintenance of cost records under sub-section (1) of
section 148 of the Companies Act, 2013. The Company has maintained the
cost records and accounts as required by the Companies (Cost records
and audit) Rules, 2014.
vii. In respect of statutory dues:
(a) According to the information and explanation given to us and
according to the records of the Company as examined by us, undisputed
statutory dues including, income tax, custom duty, excise duty, service
tax, cess and other statutory dues have been regularly deposited during
the year with the appropriate authorities. No undisputed amounts
payable were outstanding as at March 31, 2015 for a period of more than
six months from the date on which they become payable.
(b) According to the information and explanation given to us and based
on the records of the Company examined by us, dues of income tax, VAT
and other statutory dues outstanding as on March 31, 2015 which have
not been deposited on account of any dispute are tabulated below :-
name of statute nature of dues amount Period to which
the amount
relates
Customs Act, 1944 Customs 190.00 2003-04
23.13 2005-06
Income Tax Act, 1961 Income Tax 39.45 2008-09
142.37 2010-11
56.88 2011-12
3.03 2012-13
Chapter V of Finance Service Tax 76.75 Various years
covering the
Act,1994 periods from
2006-2013
25.86 Various years
covering the
periods from
2006-2013
15.74 Various years
covering the
periods from
2005-2013
8.36 Various years
covering the
periods from
2011-2013
Name of statute Forum where dispute is
pending
Customs Act, 1944 Commissioner of Customs
CESTAT
Income Tax Act, 1961 ITAT
CIT (Appeals) DCIT
CIT (Appeals) DCIT
CIT (Appeals) DCIT
Chapter V of Finance
Act,1994 Commissioner of Central Excise
Commissioner (Appeal)
Assistant Commissioner/
Deputy Commissioner
CESTAT
(c) Amount required to be transferred to the Investor Education and
Protection Fund in accordance with provisions of Companies Act, 1956
and rules made there under is transferred by the company to such fund
on timely basis.
viii. The company neither has accumulated losses nor incurred cash
losses during the financial year covered by our report and immediately
preceding financial year.
ix. According to the information and explanations given to us, and
based on the verification of records of the company, the company has not
defaulted in repayment of dues to banks. The company did not take any
loans from financial institutions or debenture holders.
x. According to the information and explanations given to us and
representations made by the management, the Company has given guarantee
for loans taken from banks or financial institutions by its holding
company, subsidiary as well as entities controlled by directors and
relatives, details of which are provided in Note No. 31. In our opinion
the terms and conditions of these guarantees are not prejudicial to the
interest of the Company.
xi. According to the information and explanations given to us, the
company has applied the term loans for the purpose for which they were
obtained.
xii. To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the Company
has been noticed or reported, during the year under audit.
For t.P. ostwal & associates (regd.)
Chartered Accountants
(Registration No. 124444W)
T. P. ostwal
Place: Mumbai (Partner)
date: May 13, 2015 Membership No. 30848
Mar 31, 2014
We have audited the accompanying financial statements of JAYANT
AGRO-ORGANICS LIMITED, which comprise the Balance Sheet as at March 31,
2014, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General
Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate affairs in respect of Section 133 of the Companies Act, 2013.
This responsibility includes the design, implementation and maintenance
of internal control 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. Auditors''
Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 auditors'' 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 control relevant to the
Company''s preparation and fair presentation of the financial
statements 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 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, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date:
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors'' Report) Order, 2003
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, 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 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 dealt with by this Report are in agreement with the books of
account:
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 read with the
General Circular 15/2013 dated 13 th September, 2013 of the Ministry of
Corporate affairs in respect of Section 133 of the Companies Act, 2013;
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT Referred to in paragraph (3) of our
report of even date on the financial statements for the year ended
March 31, 2014 of Jayant Agro-Organics Limited and on the basis of such
checks as we considered appropriate and in terms of the information and
explanations given to us, we state that:
i. (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 all fixed assets are physically verified
periodically. In our opinion, periodicity of physical verification is
reasonable having regard to the size of the Company and the nature of
its assets. According to information and explanations given to us, no
material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not made any substantial disposal of fixed
assets during the year and going concern status of the Company is not
affected.
ii. (a) As explained to us, inventories have been physically verified
during the year by the Company''s management. 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 inventories
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 the inventory records, we are of
the opinion that, the Company is maintaining proper records of its
inventory. The discrepancies noticed during physical verification of
inventory as compared to book records were not material and have been
properly dealt with in the books of account.
iii. (a) In our opinion and 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 required to be maintained under Section 301 of the
Companies Act, 1956. Therefore the provisions of sub clauses (a), (b),
(c) and (d) of the Paragraph 4(iii) of the Order are not applicable to
the Company.
(b) The Company has not taken any unsecured loans from companies, firms
or other parties, covered in the register required to be maintained
under Section 301 of the Companies Act, 1956. Therefore, the provisions
of sub-clause (e), (f) and (g) of Paragraph 4 (iii) of the Order are
not applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal control
systems
v. (a) In our opinion and according to the information and explanations
given to us, contracts or arrangements, the particulars of which need
to be entered into the register maintained under section 301 of the
Companies Act,1956 have been properly recorded.
(b) Transactions made in pursuance of such contracts or arrangements
have been made at reasonable prices having regard to prevailing market
prices at relevant time.
vi. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public.
Accordingly the provisions of Paragraph 4(vi) of the Order are not
applicable to the Company.
vii. In our opinion, the internal audit functions carried out during
the year by firm of Chartered Accountants appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
viii. According to the information and explanations given to us,
Central Government vide Companies Cost Records Rules, 2011 prescribed,
maintenance of the cost records under Section 209(1) (d) of the
Companies Act, 1956. The company has maintained the cost records and
accounts as required by Companies Cost Records Rules, 2011.
ix. In respect of statutory dues:
(a) According to the information and explanation given to us and
according to the records of the Company as examined by us, undisputed
statutory dues including, income tax, custom duty, excise duty, service
tax, cess and other statutory dues have been regularly deposited during
the year with the appropriate authorities. According to the information
and explanations given to us, no undisputed amounts payable in respect
of the aforesaid dues were outstanding as at March 31, 2014 for a
period of more than six months from the date on which it becomes
payable.
(b) According to the information and explanation given to us and based
on the records of the Company examined by us, the dues of value added
tax, excise duty, central sales tax as at March 31, 2014 which have not
been deposited on account of any dispute are tabulated below:
Name of the Nature of Amount Period to which it relates
statute dues
Customs Act, Customs 200.00 A.Y 2004-2005
1944 A.Y 2005-2006
Income Tax Act, Income Tax 39.45 A.Y. 2009-2010
1961 142.37 A.Y. 2010-2011
56.88 A.Y. 2011-2012
Chapter V of Service Tax 95.53 Various years covering the
Finance Act,
1994 periods from 2006-2013
27.59 Various Years covering the
periods from 2006-2013
27.07 Various Years covering the
periods from 2005-2013
8.93 Various Years covering the
periods from 2011-2013
Name of the
statute Forum where pending
Customs Act,
1944 Commissioner of Customs
Income Tax Act,
1961 ITAT
CIT (Appeal)
CIT (Appeal)
Chapter V of
Finance Act, 1994 Commissioner of Central Excise
Commissioner (Appeal)
Assistant Commissioner/ Deputy
Commissioner
CESTAT
x. The Company neither has accumulated losses nor incurred cash losses
during the financial year covered by our report and immediately
preceding financial year. Accordingly provisions of paragraph 4(x) of
the Order are not applicable.
xi. According to the information and explanation given to us, and based
on the verification of records of the Company, the Company has not
defaulted in repayment of dues to financial institutions and banks.
xii. In our opinion and according to the information and explanations
given to us, the Company has not granted any loans or advances on the
basis of security by way of pledge of shares, debenture or any other
securities. Accordingly the provision of Paragraph 4(xii) of the order
is not applicable to the Company.
xiii. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund or a Nidhi/ mutual benefit
fund/society. Accordingly, the provision of Paragraph 4(xiii) of the
said Order is not applicable to the Company.
xiv. As per records of the Company as examined by us and the
information and explanations given to us, Company is not dealing or
trading in shares, securities and debentures and other investments.
Accordingly the provision of Paragraph 4(xiv) of the Order is not
applicable to the Company.
xv. According to the information and explanations given to us, and the
representations made by the management, the Company has given guarantee
for loans taken from banks or financial institutions by its subsidiary
as well as group companies details of which are provided in notes to
accounts Note No. 31. In our opinion the terms and conditions of these
guarantees are not prejudicial to the interest of the Company.
xvi. In our opinion and according to the information and explanations
given to us term loan taken by the Company has been applied for the
purpose for which they were raised during the year under audit.
xvii. In our opinion and according to the information and explanations
given to us, and on an overall examination of the books of accounts of
the Company, we report that no funds raised on a short-term basis, have
been used for long-term investment and vice-versa.
xviii. According to the information and explanation given to us, during
the year the Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
xix. In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the year covered by our report. Accordingly, the provisions of
Paragraph 4(xix) of the Order are not applicable to the Company.
xx. During the year, the Company has not raised any money by way of
public issues of shares.
xxi. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported, during the year under audit.
For T. P. Ostwal & Associates (Regd.)
Chartered Accountants
(Registration No. 124444W)
T. P. Ostwal
Place : Mumbai (Partner)
Dated : May 17, 2014 Membership No. 30848
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of JAYANT
AGRO-ORGANICS LIMITED, which comprise the Balance Sheet as at March 31,
2013, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 auditors'' 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 control relevant to the
Company''s preparation and fair presentation of the financial statements
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 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, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date:
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors'' Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, 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 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 dealt with by this Report are in agreement with the books of
account:
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
Referred to in paragraph (3) of our report of even date on the
financial statements for the year ended March 31, 2013 of Jayant
Agro-Organics Limited and on the basis of such checks as we considered
appropriate and in terms of the information and explanations given to
us, we state that:
i. (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 all fixed assets are physically verified
periodically. In our opinion, periodicity of physical verification is
reasonable having regard to the size of the Company and the nature of
its assets. According to information and explanations given to us, no
material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not made any substantial disposal of fixed
assets during the year and going concern status of the company is not
affected.
ii. (a) As explained to us, inventories have been physically verified
during the year by the Company''s management. 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 inventories
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 the inventory records, we are of
the opinion that, the Company is maintaining proper records of its
inventory. The discrepancies noticed during physical verification of
inventory as compared to book records were not material and have been
properly dealt with in the books of account.
iii. (a) I n our opinion and 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 required to be maintained under Section 301 of the
Companies Act, 1956. Therefore the provisions of sub clauses (a), (b),
(c) and (d) of the Paragraph 4(iii) of the Order are not applicable to
the Company.
(b) The Company has not taken any unsecured loans from companies, firms
or other parties, covered in the register required to be maintained
under Section 301 of the Companies Act, 1956. Therefore, the provisions
of sub-clause (e), (f) and (g) of Paragraph 4(iii) of the Order are not
applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal control
systems
v. (a) In our opinion and according to the information and explanations
given to us, contracts or arrangements, the particulars of which need
to be entered into the register maintained under section 301 of the
Companies Act,1956 have been properly recorded.
(b) Transactions made in pursuance of such contracts or arrangements
have been made at reasonable prices having regard to prevailing market
prices at relevant time.
vi. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public.
Accordingly the provisions of Paragraph 4(vi) of the Order are not
applicable to the Company.
vii. In our opinion, the internal audit functions carried out during
the year by firm of Chartered Accountants appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
viii. According to the information and explanations given to us,
Central Government vide Companies Cost Records Rules prescribed,
maintenance of the cost records under Section 209(1) (d) of the
Companies Act, 1956. The company has maintained the cost records and
accounts as required by Companies Cost Records Rules.
ix. In respect of statutory dues:
(a) According to the information and explanation given to us and
according to the records of the Company as examined by us, undisputed
statutory dues including, income tax, custom duty, excise duty, service
tax, cess and other statutory dues have been regularly deposited during
the year with the appropriate authorities. According to the information
and explanations given to us, no undisputed amounts payable in respect
of the aforesaid dues were outstanding as at March 31, 2013 for a
period of more than six months from the date on which it becomes
payable.
(b) According to the information and explanation given to us and based
on the records of the Company examined by us, the dues of value added
tax, excise duty, central sales tax as at March 31, 2013 which have not
been deposited on account of any dispute are tabulated below:
(Rs. in Lacs)
Name of the Nature of dues Amount
statute
The Central Excise Excise duty/ 122.60
Act,1944 Service Tax
27.59
Income Tax Income Tax 39.45
Act, 1961 142.37
The Customs Customs duty 200.00
Act, 1962
Name Period to which it Forum where
relates pending
The Central Various years Commissioner of
covering the periods Central Excise
from 2006-2013
The Central Various Years Commissioner of
covering the periods Central Excise &
from 2006-2013 Commissioner
(Appeal)
The Central A.Y. 2009-2010 ITAT
A.Y. 2010-2011 (CIT (Appeal)
A.Y 2004-2005 Commissioner of
A.Y 2005-2006 Customs
x. The company neither has accumulated losses nor incurred cash losses
during the financial year covered by our report and immediately
preceding financial year.
xi. According to the information and explanation given to us, and based
on the verification of records of the Company, the Company has not
defaulted in repayment of dues to financial institutions and banks.
xii. I n our opinion and according to the information and explanations
given to us, the Company has not granted any loans or advances on the
basis of security by way of pledge of shares, debenture or any other
securities. Accordingly the provision of Paragraph 4(xii) of the order
is not applicable to the Company.
xiii. I n our opinion and according to the information and explanations
given to us, the Company is not a chit fund or a Nidhi/ mutual benefit
fund/society. Accordingly, the provision of Paragraph 4(xiii) of the
said Order is not applicable to the Company.
xiv. As per records of the Company as examined by us and the
information and explanations given to us, Company is not dealing or
trading in shares, securities and debentures and other investments.
Accordingly the provision of Paragraph 4(xiv) of the Order is not
applicable to the Company.
xv. According to the information and explanations given to us, and the
representations made by the management, the Company has given guarantee
for loans taken from banks or financial institutions by its subsidiary
as well as group companies details of which are provided in notes to
accounts Note No. 33. In our opinion the terms and conditions of these
guarantees are not prejudicial to the interest of the Company.
xvi. In our opinion and according to the information and explanations
given to us term loan taken by the Company has been applied for the
purpose for which they were raised during the year under audit.
xvii. In our opinion and according to the information and explanations
given to us, and on an overall examination of the books of accounts of
the Company, we report that no funds raised on a short-term basis, have
been used for long-term investment and vice-versa.
xviii. According to the information and explanation given to us, during
the year the Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
x i x . I n our opinion and according to the information and
explanations given to us, the Company has not issued any secured
debentures during the year covered by our report. Accordingly, the
provisions of Paragraph 4(xix) of the Order are not applicable to the
Company.
xx. During the year, the Company has not raised any money by way of
public issues of shares.
x x i . T o the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported, during the year under audit.
T. P. Ostwal & Associates (Regd.)
Chartered Accountants
(Registration No. 124444W)
Sharad Jain
Place : Mumbai (Partner)
Dated : May 30, 2013 M.NO.106958
Mar 31, 2012
1. We have audited the attached Balance Sheet of JAYANT AGRO-ORGANICS
LIMITED as at 31st March, 2012, Statement of Profit and Loss and also
the Cash Flow Statement 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.
2. 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.
3. As required by the Companies (Auditor's Report) Order, 2003,
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956, we annex hereto a statement
on the matters specified in paragraph 4 and 5 of the said order.
4. Further to our comments in the annexure referred to in paragraph
(3) 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 account as required by Law have
been kept by the Company, so far as it appears from our examination of
those books;
c. the Balance Sheet, Statement of Profit and Loss and also Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
also Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of the Section 211
of the Companies Act, 1956;
e. on the basis of the written representations received from the
directors of the Company, taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
f. in our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the 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 the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(ii) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph (3) of our report of even date on the
financial statements for the year ended 31s1 March, 2012 of Jayant
Agro-Organics Limited and on the basis of such checks as we considered
appropriate and in terms of the information and explanations given to
us, we state that:
i. (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 all fixed assets are physically verified
periodically. In our opinion, periodicity of physical verification is
reasonable having regard to the size of the Company and the nature of
its assets. According to information and explanations given to us, no
material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not made any substantial disposal of fixed
assets during the year and going concern status of the company is not
affected.
ii. (a) As explained to us, inventories have been physically verified
during the year by the Company's Management. 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 inventories
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(e) On the basis of our examination of the inventory records, we are of
the opinion that, the Company is maintaining proper records of its
inventory. The discrepancies noticed during physical verification of
inventory as compared to book records were not material and have been
properly dealt with in the books of account.
iii. (a) In our opinion and 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 required to be maintained under Section 301 of the
Companies Act, 1956. Therefore the provisions of sub-clauses (a), (b),
(c) and (d) of the Paragraph 4(iii) of the Order are not applicable to
the Company.
(b) The Company has not taken any unsecured loans from companies, firms
or other parties, covered in the register required to be maintained
under Section 301 of the Companies Act, 1956. Therefore, the provisions
of sub-clauses (e), (f) and (g) of Paragraph 4(iii) of the Order are
not applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for sale of goods and serv
ices. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal control
systems.
v. In our opinion and according to the information and explanations
given to us, there are no contracts or arrangements, the particulars of
which need to be entered into the register maintained under Section 301
of the Companies Act, 1956. Accordingly, provision of Paragraph 4( v)
of the Order is not applicable.
vi. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public.
Accordingly, the provisions of Paragraph 4(vi) of the Order are not
applicable to the Company.
vii. In our opinion, the internal audit function carried out during the
year by firm of Chartered Accountants appointed by the Management have
been commensurate with the size of the Company and the nature of its
business.
viii. According to the information and explanations given to us,
maintenance of the cost records has not been prescribed by the central
government under Section 209( 1) (d) of the Companies Act, 1956.
Accordingly, provision of Paragraph 4 (viii) of the Order is not
applicable to the Company.
ix. In respect of statutory dues:
(a) According to the information and explanation given to us and
according to the records of the Company as examined by us, undisputed
statutory dues including income tax. custom duty, excise duty, service
tax, cess and other statutory dues have been regularly deposited during
the year with the appropriate authorities. According to the information
and explanations given to us, no undisputed amounts payable in respect
of the aforesaid dues were outstanding as at 31M March. 2012 for a
period of more than six months from the date on which it becomes
payable.
(b) According to the information and explanation given to us and based
on the records of the Company examined by us. the dues of value added
tax, excise duty, central sales tax and income tax as at 31st March,
2012 which have not been deposited on account of any dispute are
tabulated below:
(Rs. in Lacs)
Name of the Nature of dues Amount Period to
which it Forum where
statute relates pending
Central
Excise Excise Duty 66.65 Various
years Commissioner of
Act, 1944 covering the
periods Central Excise
from
2001-2007
Commissioner of
136.15 Various
years Central Excise &
covering the
periods Commissioner
from
2008-2011 (Appeal)
Income Tax Income Tax 39.45 A.Y.
2009-2010 CIT (Appeal)
Act, 1961
x The company neither has accumulated losses nor incurred cash losses
during the financial year covered by our report and immediately
preceding financial year.
xi According to the information and explanation given to us, and based
on the verification of records of the Company, the Company has not
defaulted in repayment of dues to financial institutions and banks.
xii. In our opinion and according to the information and explanations
given to us, the Company has not granted any loans or advances on the
basis of security by way of pledge of shares, debenture or any other
securities. Accordingly, the provision of Paragraph 4(xii) of the Order
is not applicable to the Company.
xiii. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund or a Nidhi/ mutual benefit
fund/society. Accordingly, the provision of Paragraph 4(xiii) of the
said Order is not applicable to the Company.
xiv. As per records of the Company as examined by us and the
information and explanations given to us. Company is not dealing or
trading in shares, securities and debentures and other investments.
Accordingly, the provision of Paragraph 4(xiv) of the Order is not
applicable to the Company.
xv. According to the information and explanations given to us, and the
representations made by the Management, the Company has given guarantee
for loans taken from banks or financial institutions by its subsidiary
as well as group Companies details of which are provided in notes to
accounts Note No. 36. In our opinion the terms and conditions of these
guarantees are not prejudicial to the interest of the Company.
xvi. In our opinion and according to the information and explanations
given to us, term loan taken by the Company has been applied for the
purpose for which they were raised during the year under audit.
xvii. In our opinion and according to the information and explanations
given to us, and on an overall examination of the books of accounts of
the Company, we report that no funds raised on a short-term basis, have
been used for long-term investment and vice-versa.
xviii. According to the information and explanation given to us,
during the year the Company has not made preferential allotment of
shares to parties and companies covered in the register maintained
under section 301 of the Companies Act, 1956 during the year.
xix. In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the year covered by our report. Accordingly, the provisions of
Paragraph 4(xix) of the Order are not applicable to the Company.
xx During the year, the Company has not raised any money by way of
public issue of shares.
xxi. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported, during the year under audit.
For T. P. Ostwal & Associates (Regd.)
Chartered Accountants
(Registration No. 124444W)
T. P. Ostwal
Place: Mumbai. (Partner)
Date : August 4, 2012 Membership No. 30848
Mar 31, 2011
1. We have audited the attached Balance Sheet of JAYANT AGRO-ORGANICS
LIMITED as at 31st March, 2011, Profit & Loss Account and the Cash Flow
Statement 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.
2. 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.
3. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we annex hereto a statement on
the matters specified in paragraph 4 and 5 of the said order.
4. Further to our comments in the annexure referred to in paragraph
(3) 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 account as required by Law have
been kept by the Company, so far as it appears from our examination of
those books;
c. the Balance Sheet, Profit and Loss Account and also 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 also
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of the Section 211
of the Companies Act, 1956;
e. on the basis of the written representations received from the
Directors of the Company, taken on record by the Board of Directors, we
report that none of the directors are disqualified as on 31st March,
2011 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
f. in our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the 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 the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
(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 the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph (3) of our report of even date on the
financial statements for the year ended 31st March, 2011 of Jayant
Agro-Organics Limited and on the basis of such checks as we considered
appropriate and in terms of the information and explanations given to
us, we state that:
i. (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 all fixed assets are physically verified
periodically. In our opinion, periodicity of physical verification is
reasonable having regard to the size of the Company and the nature of
its assets. According to information and explanations given to us, no
material discrepancies were noticed on such verification;
(c) In our opinion and according to the information and explanations
given to us, the Company has not made any substantial disposal of fixed
assets during the year and going concern status of the company is not
affected.
ii. (a) As explained to us, inventories have been physically verified
during the year by the Company's management. 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 inventories
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 the inventory records, we are of
the opinion that, the Company is maintaining proper records of its
inventory. The discrepancies noticed during physical verification of
inventory as compared to book records were not material and have been
properly dealt with in the books of account.
iii. (a) In our opinion and 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 required to be maintained under Section 301 of the
Companies Act, 1956. Therefore, the provisions of sub clause (a), (b),
(c) and (d) of the Paragraph 4(iii) of the Order are not applicable to
the Company.
(b) The Company has not taken any unsecured loans from companies, firms
or other parties, covered in the register required to be maintained
under Section 301 of the Companies Act, 1956. Therefore, the provisions
of sub-clause (e), (f) and (g) of Paragraph 4(iii) of the Order are not
applicable to the Company.
iv. 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 for the purchase of inventory and fixed assets and for sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal
control systems.
v. In our opinion and according to the information and explanations
given to us, there are no contracts or arrangements, the particulars of
which need to be entered into the register maintained under Section 301
of the Companies Act, 1956. Accordingly, provision of paragraph 4(v)
of the Order is not applicable.
vi. The Company has not accepted any deposits from the public.
Therefore, the provisions of Paragraph 4(vi) of the Order are not
applicable to the Company.
vii. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
viii. According to the information and explanations given to us,
maintenance of the cost records has not been prescribed by the Central
Government under Section 209(1) (d) of the Companies Act, 1956.
Accordingly, provision of Paragraph 4(viii) of the Order is not
applicable to the Company.
ix. In respect of statutory dues:
(a) According to the information and explanation given to us and as per
the records of the Company as examined by us, undisputed statutory dues
including income tax, custom duty, excise duty, service tax, cess and
other statutory dues have been regularly deposited during the year with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the aforesaid dues were outstanding as at 31st March, 2011 for a period
of more than six months from the date on which it becomes payable.
(b) According to the information and explanation given to us and based
on the records of the Company examined by us, the dues of value added
tax, excise duty, central sales tax as at 31st March, 2011 which have
not been deposited on account of any dispute are tabulated below:
(Amount in Lacs Rs.)
Name of the Nature of dues Amount Period to which
it Forum where
statute relates pending
Central Excise Excise duty 461.90 Various years Commissioner
Act,1944 covering the
periods Central Excise
from 1997-2001
6.44 2001-2002 Commissioner
Central Excise
94.82 Various years Commissioner
covering the
periods (Appeal)
from 2004-2007
Value Added VAT 482.62 2006-2007 Tribunal
Tax Act 503.18 2007-2008 Deputy
Commissioner
of Commercial
Tax
395.31 2008-2009 Tribunal
102.58 2009-2010 Tribunal
Central Sales Central Sales 126.80 2008-2009 Deputy
Tax Act Tax Commissioner of
Commercial Tax
x. The Company does not have accumulated losses. The Company has not
incurred cash losses during the financial year covered by our report
and immediately preceding financial year.
xi. According to the information and explanation given to us, and based
on the verification of records of the Company, the Company has not
defaulted in repayment of dues to financial institutions and banks.
xii. In our opinion and according to the information and explanations
given to us, the Company has not granted any loans or advances on the
basis of security by way of pledge of shares, debenture or any other
securities. Accordingly, the provision of Paragraph 4(xii) of the Order
is not applicable to the Company.
xiii. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund or a Nidhi/ mutual benefit
fund/society. Accordingly, the provision of Paragraph 4(xiii) of the
said Order is not applicable to the Company.
xiv. As per records of the Company as examined by us and the
information and explanations given to us, the Company is not dealing or
trading in shares, securities and debentures and other investments.
Accordingly, the provision of Paragraph 4(xiv) of the Order is not
applicable to the Company.
xv. According to the information and explanations given to us, and the
representations made by the management, the Company has given guarantee
for loans taken from banks or financial institutions by its subsidiary
as well as group companies details of which are provided in notes to
accounts point B1 in Schedule 14. In our opinion, the terms and
conditions of these guarantees are not prejudicial to the interest of
the Company.
xvi. In our opinion and according to the information and explanations
given to us the term loan taken by the Company has been applied for the
purpose for which they were raised during the year under audit.
xvii. In our opinion and according to the information and explanations
given to us, and on an overall examination of the books of accounts of
the Company, we report that no funds raised on a short-term basis, have
been used for long-term investment.
xviii. According to the information and explanation given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the register maintained under Section 301 of the
Companies Act, 1956 during the year.
xix. In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the year covered by our report. Accordingly, the provisions of clause
4(xix) of the Order are not applicable to the Company.
xx. During the year, the Company has not raised any money by way of
public issues of shares.
xxi. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported, during the year under audit.
For T.P. Ostwal & Associates(Regd.)
Chartered Accountants
Registration No. 124444W
T.P. Ostwal
Place: Mumbai. (Partner)
Date : July 27, 2011 Membership No. 30848
Mar 31, 2010
1. We have audited the attached Balance Sheet of JAYANT AGRO-ORGANICS
LIMITED as at 31st March, 2010, Profit & Loss Account and the Cash Flow
Statement 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.
2. 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.
3. As required by the Companies (Auditors Report) Order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we annex hereto a statement on
the matters specified in paragraph 4 and 5 of the said order.
4. Further to our comments in the annexure referred to in paragraph
(3) 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 account as required by Law have
been kept by the Company, so far as it appears from our examination of
those books;
c. the Balance Sheet, Profit and Loss Account and also 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 also
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of the Section 211
of the Companies Act, 1956;
e. on the basis of the written representations received from the
directors of the Company, taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March,
2010 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
f. in our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the 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 the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010; (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 the Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph (3) of our report of even date on the
financial statements for the year ended 31st March, 2010 of Jayant
Agro-Organics Limited.
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us, we state that:
(i) (a) The Company has maintained proper records showing particulars,
including quantitative details and situation of fixed assets;
(b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No discrepancies were noticed on such physical
verification.
(c) The Company has not disposed off any substantial part of its fixed
assets so as to affect its going concern.
(ii) (a) As explained to us, inventories have been physically verified
during the year by the Companys management. In our opinion the
frequency of verification is reasonable.
(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) On the basis of our examination of the inventory records, we are of
the opinion that, the Company is maintaining proper records of its
inventory. The discrepancies noticed on physical verification of
inventory as compared to book records were not material and have been
properly dealt with in the books of account.
(iii) (a) The Company has not granted loans to companies, firms or
other parties covered in the register maintained under Section 301 of
the Companies Act, 1956.Therefore, the provisions of sub-clauses (a),
(b), (c) and (d) of Paragraph 4(iii) of the Order are not applicable to
the Company. (b) The Company has not taken any loans, secured or
unsecured, from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956.
Therefore, the provisions of sub- clauses (e), (f) and (g) of Paragraph
4(iii) of the Order are not applicable to the Company
(iv) 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 for the
purchase of inventory and fixed assets and for sale of goods and services.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal control systems.
(v) In our opinion and according to the information and explanations
given to us, there are no contracts or arrangements, the particulars of
which need to be entered into the register maintained under Section 301
of the Companies Act, 1956. Accordingly, provision of paragraph 4(v) of the
Order is not applicable.
(vi) The Company has not accepted any deposits from the public.
Therefore, the provisions of Paragraph 4(vi) of the Order are not applicable
to the Company.
(vii) In our opinion, the internal audit function carried out during
the year by a firm of Chartered Accountants appointed by the management of
the Company has been commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us,
maintenance of the cost records has not been prescribed by the central
government under Section 209(1) (d) of the Companies Act, 1956.
Accordingly provision of Paragraph 4(viii) of the Order is not
applicable to the Company.
(ix) In respect of statutory dues:
(a) According to the information and explanation given to us and as per
the records of the Company as examined by us, undisputed statutory dues
including, income tax, custom duty, excise duty, service tax, cess and
other statutory dues have been regularly deposited during the period
with the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the aforesaid dues were outstanding as at 31s1 March, 2010 for a period
of more than six months from the date on which it becomes payable.
(b) According to the information and explanation given to us and based
on the records of the Company examined by us, the dues of value added
tax, excise duty, central sales tax as at March 31st, 2010 which have
not been deposited on account of any dispute are tabulated below:
Name of the Nature of dues Amount
statute
Central Excise Excise duty 205.95
Act, 1944
Value Added Tax VAT 503.18
Act 395.31
102.58
Central Sales Tax Central sales 25.91
Act Tax 126.80
189.51
(Amount in Lacs)
Name of the Period to which it Forum where pending
Statute relates
Central Excise Various years Appellate
Act, 1944 covering the periods Tribunal(CESTAT)
from 1997-2001
Value Added Tax 2007-2008 Deputy Commissioner
of
Act 2008-2009 Commercial Tax
2009-2010
Central Sales Tax 2007-2008 Deputy Commissioner
of
Act 2008-2009 Commercial Tax
2009-2010
(x) The Company does not have accumulated losses. The Company has not
incurred cash losses during thefinancial year covered by our report and
immediately preceding financial year.
(xi) According to the information and explanation given to us, and
based on the verification of records of the
Company, the Company has not defaulted in repayment of dues to
financial institutions and banks.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans or advances on the
basis of security by way of pledge of shares, debenture or any other
securities. Accordingly the provision of Paragraph 4(xii) of the Order
is not applicable to the Company.
(xiii) In our opinion and according to the information and explanations
given to us, the Company is not a chit fund or a Nidhi/mutual benefit
fund/society. Accordingly, the provision of Paragraph 4(xiii) of the
Order are not applicable to the Company.
(xiv) As per records of the Company as examined by us and the
information and explanations given to us, Company is not dealing or
trading in shares, securities and debentures and other investments.
Accordingly the provision of Paragraph 4(xiv) of the Order is not
applicable to the Company.
(xv) According to the information and explanations given to us, and the
representations made by the management, the Company has given guarantee
for loans taken from banks or financial institutions by its subsidiary
as well as group companies details of which are provided in notes to
accounts point B-l in Schedule 14. In our opinion the terms and
conditions of these guarantees are not prejudicial to the interest of
the Company.
(xvi) In our opinion and according to the information and explanations
given to us term loan taken by the Company has been applied for the
purpose for which they were raised during the year under audit.
(xvii) In our opinion and according to the information and explanations
given to us, and on an overall examination of the books of accounts of
the Company, we report that no funds raised on a short-term basis, have
been used for long-term investments.
(xviii) According to the information and explanation given to us, the
Company has not made preferential allotment of shares to parties and
Companies covered in the register maintained under section 301 of the
Companies Act, 1956 during the year.
(xix) In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the year covered by our report. Accordingly, the provisions of clause
4(xix) of the Order are not applicable to the Company.
(xx) During the year, the Company has not raised any money by way of
public issues of shares.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported, during the year under audit.
For T.P. Ostwal & Associates
Chartered Accountants
Registration No. 124444W
T. P. Ostwal
Place : Mumbai. (Partner)
Date : July 27, 2010 Membership No. 30848