Mar 31, 2015
(i) We have audited the financial statements of Jayatma Spinners
Limited ("the Company") which comprise the Balance Sheet as at 31st
March, 2015 and Profit and Loss Account and the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information on that date annexed thereto.
(ii) 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 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
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. 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 fraud 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 adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of accounting records, relevant to the preparation and
presentation of the financial statements that give true and fair view
and are free from material misstatement, whether due to fraud or error.
(iii) 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, 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. 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.
(iv) 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
assessment, the auditor considers internal financial 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 adequate internal financial controls
system over financial reporting and the operating effectiveness of such
controls. An audit includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Company's Director, as well as evaluating the
overall presentation of the financial statements.
(v) We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
standalone financial statements.
(vi)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 31st March, 2015 ; and
(b) in the case of the Profit and Loss Account, of the loss for the
year ended on that date ; and
(c) In the case of Cash Flow statement, of the cash flows for the year
ended on that date.
(vii) 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 Companies Act, 2013 we hereby
provide the details as required in the paragraph 3 and 4 of the said
Order in Annexure to Independent Auditor's Report.
(vii)As required by section 143(3) of the Act, we further report that:
1. We have sought and obtained all the information and explanations,
which to the best of our knowledge and belief were necessary for the
purpose of our audit ;
2. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
3. The Balance Sheet, Statement of Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
4. In our opinion, the aforesaid financial statements comply with
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies ( Accounts ) Rules, 2014;
5. On the basis of written representation received from the directors,
as on 31st March 2015 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2015, from being
appointed as a director in terms of sub-section (2) of section 164 of
the Act;
6. 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 ;
(a) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements as referred to in Note
26(A) to the financial statements.
(b) The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
and as required on long term contracts including derivative contracts.
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
Annexure to the Auditors report
(Referred to in paragraph 6 of the Auditors' Report of even date to the
members of Jayatma Spinners Limited on the financial statements for the
year ended 31st March, 2015.)
1. (a). The Company has maintained records showing full particulars
including quantitative details and situation of its fixed assets.
(b). As explained to us, a substantial portion of the fixed assets have
been physically verified by the management during the year and no
material discrepancies have been noticed on such verification.
2. (a). As per information and explanation given to us, inventory of
traded goods/spares and consumables has been physically verified by the
management at the year end. In our opinion the frequency of
verification is reasonable. There is no closing inventory.
(b) . In our opinion the procedures of physical verification of
inventory of goods/spares and consumables 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 produced
before us and in our opinion the Company is maintaining proper records
of inventory. The discrepancies noticed on physical verification of
inventory as compared to book records were not material and have been
properly dealt with in books of accounts.
3. (a) The company has not granted loans secured or unsecured to
Companies or firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013. Hence, para 3(b) and 3(c)
of the order are not applicable.
4. In Our opinion and according to the information and explanations
given to us there exists adequate Internal Control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of components, plant and machinery,
equipments and other assets and with regard to service provided by the
Company, Further on the basis of our examination of the books and
records of the Company, carried out in accordance with the auditing
standards generally accepted in India, we have not observed any
continuing failure to correct major weaknesses in the aforesaid
internal control procedures.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted Deposits during the year and
consequently directives issued by Reserve Bank of India and the
provisions of Section 73 to 76 or any other relevant provision of the
Companies Act and rules framed there under are not applicable to the
Company.
6. We are informed that maintenance of cost records as prescribed by
the Central Government of India under subsection (1) of Section 148 of
the Companies Act, 2013 in respect of the Company products are not
applicable. Hence, the provisions of Clause (vi) of paragraph 3 of the
Order are not applicable to the Company.
7. (a). According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing undisputed statutory dues including
provident fund, investor education and protection fund, employees'
state insurance, income tax, sales tax, wealth tax, service tax, custom
duty, excise duty, cess and other material statutory dues to the extent
applicable with the appropriate authorities in India. However, in case
of delays in few instances the same has been deposited along with
interest due thereon.
(b). According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income tax,
wealth tax, sales tax, custom duty, excise duty and cess which have not
been deposited on account of any dispute.
(c ). In our opinion and according to the information and explanations
given to us, there is no amount which is required to be transferred to
investor education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 ( 1 of 1956 ) and rules made
there under.
8. The Company has accumulated losses of Rs.15789499/-as at 31st
March, 2015 and has not incurred any cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
9. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institution/bank/debenture holders.
10. In our opinion and according to information and explanation given
to us, the Company has not given guarantee for any loan taken by others
from any bank/ Financial Institutions which are prejudicial to the
interest of the Company.
11. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, the term
loans & other facilities obtained during the year were, applied by the
Company for the purpose for which they were obtained.
12. During the course of our examination of the books and records of
the Company, carried out in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
FOR AND ON BEHALF OF
JAYESH M. SHAH & COMPANY
CHARTERED ACCOUNTANT
F.R.N. 104173W
SD/-
PLACE : AHMEDABAD JAYESH M. SHAH
DATE: 25th MAY, 2015 [PROPRIETOR]
M. NO. 30638
Mar 31, 2014
We have audited the accompanying financial statements of JAYATMA
SPINNERS LIMITED ("the Company"), 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 on that date
annexed to.
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 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.
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 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 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.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements subject to :
Note No.11 appearing in the Notes forming part of the Financial
Statements regarding non provision of the depreciation of earlier years
for Rs.Nil on its fixed asses and its consequential effect on Net Block
of Fixed Assets is shown higher RS. 16154421/- to the extent of non
provision of depreciation in previous years and impact in profit is RS.
Nil, 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 Profit and Loss Account, 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.
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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
General Circular 15/2013 dated 13th 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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Jayatma Spinners Limited. on the accounts of the
company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories of traded goods/spares and
consumables has been physically verified during the year by the
management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories of
spares and consumables followed by the management are reasonable and
adequate in relation to the size of the company and the nature of its
business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies or firms
or other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Hence the clause 3(b), 3(c), 3(d) are not
applicable.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans, secured or unsecured from companies or firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956. Hence the clause 3(f) and 3(g) are not applicable.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
(b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records prescribed by the Central Government under
clause (d) of sub-section (1) of section 209 of the Act is not
applicable in respect of the Company products.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company has accumulated loss of RS. 6897438/- as at 31st
March, 2014 (Previous Year RS. 7655393/-) and has not incurred cash
loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities. The other
loan given by the Company are prima-facie not prejudicial to the
interest of the Company.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us and on the
basis of our examination of the books of account, proper records have
been maintained of the transactions and contracts & timely entries have
been therein in respect of shares, securities, debentures and other
investments dealt with or traded by the Company & further investments
specified are held in its own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Jayesh M. Shah and Co.
Chartered Accountants
FRN: 104173W
Jayesh M. Shah
Place : Ahmedabad (Proprietor)
Date : 29.05.2014 Membership No. : 030638
Mar 31, 2013
We have audited the accompanying financial statements of JAYATMA
SPINNERS LIMITED (Âthe CompanyÂ), 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 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 (Âthe ActÂ). 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.
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 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 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.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements subject to :
Note No.11 appearing in the Notes forming part of the Financial
Statements regarding non provision of the depreciation of earlier years
for Rs.Nil on its fixed asses and its consequential effect on Net Block
of Fixed Assets is shown higher by Rs.16154421/- to the extent of non
provision of depreciation in previous years and impact in profit is
Rs.Nil, 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 Profit and Loss Account, 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.
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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
ofaccount.
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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
THE ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE OUR REPORT OF EVEN DATE
TO THE MEMBERS OF JAYATMA SPINNERS LIMITED. ON THE ACCOUNTS OF THE
COMPANY FOR THE YEAR ENDED 31ST MARCH, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories of traded goods/spares and
consumables has been physically verified during the year by the
management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories of
spares and consumables followed by the management are reasonable and
adequate in relation to the size of the company and the nature of its
business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies or firms
or other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Hence the clause 3(b), 3(c), 3(d) are not
applicable.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans, secured or unsecured from companies or firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956. Hence the clause 3(f) and 3(g) are not applicable.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section. (b) As per information & explanations given to us
and in our opinion, the transaction entered into by the company with
parties covered u/s 301 of the Act does not exceeds five lacs rupees in
a financial year therefore requirement of reasonableness of
transactions does not arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records prescribed by the Central Government under
clause (d) of sub-section (1) of section 209 of the Act is not
applicable in respect of the Company products.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company has accumulated loss of Rs. 7655393/-as at 31st March,
2013 and has not incurred cash loss during the financial year covered
by our audit and in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities. The other
loan given by the Company are prima-facie not prejudicial to the
interest of the Company.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us and on the
basis of our examination of the books of account, proper records have
been maintained of the transactions and contracts & timely entries have
been therein in respect of shares, securities, debentures and other
investments dealt with or traded by the Company & further investments
specified are held in its own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short- term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
FOR JAYESH M. SHAH & CO
CHARTERED ACCOUNTANTS
PLACE : AHMEDABAD Firm Reg.: 104173W
DATE : 30/05/2013 Sd/-
(JAYESH M SHAH)
PARTNER M.No. 30638
Mar 31, 2012
(1) We have audited the attached Balance Sheet of JAYATMA SPINNERS
LIMITED as at 31st March, 2012 and also the statement of Profit and Loss
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 any 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, 1656 and on the basis of such checks
of (he books and records of the Company as we considered appropriate
and according
.to the information and explanations given to us, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5
of the said order.
(4) further to our comments In the Annexure referred lo in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best our knowledge and belief were necessary for the purpose of our
audit;
(ii) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books
(iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account of the Company ;
(iv) In our opinion, the Balance sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section (3Cj of Section 211 of the Companies Act, 1956;
(v) . On the basis of Written representation received from the
directors, ap on 31 st March 2012 and taken on record by the Board of
Directors of the Company and the information and explanations given to
us, we report thal none of the directors is disqualified as pn31stMarGh
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies . Act, 1956;
(vi) In oqr opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to :
Note no. 9 appearing In Notes forming part of the Financial Statements
regarding non provision of the depreciation of Rs. NIL on its fixed
assets and Its consequential effect on Net Block Of Fixed Assets Is
shown higher by Rs.16154442/-to the extent of non provision of
depreciation In previous year/s and Impact on profit Is Rs. NIL;
give the Information required by the Companies Act, 1956, in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012; and
ii.
inthecasepfthestatementof Profitand Loss.of the Profit for the year
endedon that date.
iii. in the case of the cashflow statement of the cash flow for the
year ended on thal date.
ANNEXURE TO THE AUDITORS REPORT referred to in paragraph 3 of our
Report of even date to the members of JAYATMA SPINNERS LIMITED for the
year ended 31 st March 2012.
1. (a) The Company has maintained records showing full particulars
including quantitative details and situation of its fixed, assets.
(b) As explained to us, the fixed assets have been physically verified
by the management during the year and no material discrepancies have
been noticed on such verification.
(c) No part of fixed assets has not been disposed off by the Company
during the year
2. (a) As per information and explanation given to us, inventory of
Traded goods/ spares and consumables has been physically verified by the
management at the year end. In our opinion the frequency of verification
is reasonable.
(b) In Pur opinion the procedures of physical verification of inventory
of spares and consumables followed by the management are reasonable.
(c) On the basis of our examination of the inventory records produced
before us, In our opinion the Cohipany is maintaining proper records of
inventory .The discrepancies noticed on physical verification of
inventory as compared to book records were not material;
3. (3) The Company has not granted any Secured or Unsecured loans, to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act,1956. Consequently requirement of
Clause 3(b), 3(c) and 3(d) of paragraph 4 of the order'are not
applicable.
(Jb) The Company has not taken any Secured or Unsecured loans from
companies, firms or other . parties covered in the register maintained
under Section 301 of the companies.Act,1958. Consequently requirement
of Clause 3(f) and 3(g) of paragraph 4 of the order are not applicable.
4. In Our opinion and according to the information end explanation given
to us there are adequate internal control procedures commensurate with
the size of the Company and the nature of Its business with regard to
purchase of shares, stores, raw materials including components, plant ,
and machinery, equipments and other assets and purchases with regard to
services provided by the Company, Further on the basis of oar
examination of the books and records of the Company, carried out in
accordance with the auditing standards generally accepted in India ,we
have not observed any continuing failure to correct major weaknesses in
the aforesaid internal* Control procedures.
5. In our opinion and according to the information and explanations
given to us, the transaction* the transactions made in pursuance of such
contracts or arrangements entered in the reglstaunder Section 301 of the
Companies Ad,1956 have been made at prices which are reasonably having
regard to the prevailing market prices at the relevant time.
6. In our opinion and as per the information and explanation given to
us, the Company has accepted any deposits from the public within the
meaning of sedion 58A and 53AA and any relevant provisions Of the
Companies Ad. 1956 and the rules framed there under.
7. As per the information given to us, tile Company has made internal
arrangements for Intentionaudit to be carried on by their internal
staff on regular basis. '
8. We are informed that maintenance of cost records has not been
prescribed by the CentiH Government of India under clause (d) of
subsection (1) of Section 209 of the Companies 1956 in respect of the
Company products
9. (a) According to the information and explanations given to US and.
the records of the examined by us, in our opinion, the Company is
generally regular in depositing statutory dues including provident fund,
Investor education and protection fund, employees' state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other material statutory dues to the extent applicable
with the appropriate authorities in India.
(b.) According to the information and explanations given, to us and the
records of the Company examined by us, there are no dues of wealth tax,
service tax, sales tax, Custom duty, excise duty and cess, which have
not been deposited on account of any dispute.
10. The Company has accumulated losses of Rs.BH75993/- as at 31st
March, 2012 and it has not incurred any cash losses in the previous
financial year ended on that date or in the immediately preceding
financial year.
11. The Company has not defaulted in repayment of dues to any
financial institution or bank or debenture holders.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
The other Loan given by the Company are prima- facie not prejudicial to
the interest of the Company.
13. The provisions of any special statute applicable to chit
fund/nidhi /mutual benefit fund/ societies are not applicable to.the
Company.
,14.(a) According to the information and explanation given to us and on
the basis of our examination of the books of account, proper records
have been maintained of the transactions and contracts and timely
entries have been mode therein tn respect of the shares , securities,
debentures and other investments dealt with or traded by the Company.
(b) The shares, securities, debentures and other securities have been
held by the Company, in its own name except to the extent of the
exemption, if any, granted under Section 49 of the Act.
15. As pe, lire information given to us and in our opinion, the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
15. As per the information given, the Company has not availed any Term
Loan facilities.
17. On the basis of overall examinalion of the Balance Sheet of the
Company, in our opinion, there ; are no major funds raised on short-term
basis which have been used for long term investment..
18. The Company has not made any preferential allotment of shares to
the parties and companies covered in the register maintained under
section 301 of Companies Act 1956, during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issues during the
year.
21. During the course ol our examination of the books and records of
the Company, carried out in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
FOR JAYESH M. SHAH & CO
CHARTEREDACCOUNTANTS
PLACE :AHMEDABAD Firm Reg.: 104173W
DATE: 30/05/2012 sd/-
(JAYESHMSHAH)
PARTNER
M.No. 30638
Mar 31, 2011
We have audited the attached Balance Sheet of JAYATMA SPINNERS LIMITED,
as at 31st March. 2011 and also the Profit & Loss Account and 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.
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.
As required by the Companies (Auditor''s Report) Order, 2003 read with
the Companies(Audrtor''s Report)(Amendment) Order,2004 issued by the
Central Government of India In terms of sub-section (4A) of section 227
of the Companies Act. 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 & 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that;
(i) 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;
(ii) 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;
(iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(iv) in our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956;
subject to notes on account.
(v) On the basis of written representations received from the
directors, as on 31st March, 2009 and taken on record by the Board of
Directors, we report that none of the directors is 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;
(vi) in our opinion and to the best of our Information and according to
the explanations given to us, the said accounts subjects to ;
Note No,6 appearing in Schedule 15 regarding non provision of
depredation on fixed assets and its consequential effect on profit;
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 principales generally accepted in India :
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
(b) in the case of the Profit and Loss Account, of the Profit tor the
year ended on that date;
(c) in the case of Cash Flow Statement of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT referred to in paragraph 3 of our
Report of even date to the members of JAYATMA SPINNERS LIMITED for the
year ended 31st March 2011.
1(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets;
(b) We are informed that certain fixed assets have been physically
verified by the management during the year No major discrepancies were
noticed on such verification;
(c) No substantial part of fixed assets have been disposed off during
the year;
2(a) Physical verification of inventory has been conducted by the
management at the end of the year;
(b) In our opinion and according to the information and explanations
given to us, the procedures for physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business. As informed by
the management, no material discrepancies have been noticed on such
physical verification;
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory and
as informed to us no material discrepancies were noticed by the
management of the company on such physical verification;
3(a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956; therefore provisions of
clause 4(iii) b,c,d are not applicable to the company.
3(b) The company has not accepted any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956; therefore provisions of
clause 4(iii) f.g are not applicable to the company.
4. In our opinion, the Company has 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 the
sale of goods & services. There is no continuing failure to correct major
weaknesses in internal control system.
5(a) According to the information and explanations given to us, the
transactions that need to be entered in to a register in pursuance of
section 301 of the Companies Act, 1956 have been so entered;
6 According to the information and explanations given to us. the
company has not accepted deposits from the public within the meaning of
the provisions of sections 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under.
7 In our opinion, the company has an internal audit system, which
commensurate with its size and nature of its business;
8 As informed to us, the Central Government has prescribed the
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956 to the company, however, as the company has not carried out
any manufacturing activity during the year and hence no such accounts &
records been maintained.;
9(a) As informed to us, undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employee''s State
Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess have generally been regularly deposited by the
company with the appropriate authority in all cases during the year;
(b) According to the information and explanations given to us, there
are no dues of Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty and Cess, which have not been deposited on account of
dispute by the company.
10 The accumulated losses of the company as at 31st March 2011 are more
than 50% of its net worth. The company has not incurred cash fosses
during the year and in the immediately preceding financial year.
11 As per information & explanation given to us, the company has not
defaulted in repayment of dues to financial institution or bank.
12 The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 In our opinion , the company is not a chit fund or a nidhi / mutual
benifit fund / society. Therefore, the provision of clause4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
14 In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Copmpanies (Auditor''s Report)
Order,2003 are not applicable to the.
15 According to the information & explanation given to us, the company
has not given any guarantee for loans taken by others from bank or
financial institutions.
16 As per information given to us, the company has not obtained any
term loan during the year.
17 According to the information & explanation given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long term
investments by the company.
18 According to the information 8, explanation given to us, the company
has not made any preferential allotment of shares to the parties and
companies covered in the Register maintained under section 301 of the
Companies Act, 1956.
19 As the company has not issued any debentures, this clause is not
applicable to the company.
20 The company has not raised money through public issue during the
year.
21 As per the information given to us, any fraud on or by the company
has not been noticed or reported during the year.
For SHAH KANTILAL & CO
CHARTERED ACCOUNTANTS
PLACE : AHMEDABAD Sd/-
DATE: 30/05/2011 (KANTILAL M SHAH)
PARTNER
M. No. 7924