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Auditor Report of Jeet Machine Tools Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of M/S JEET MACHINE TOOLS LTD, 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"). 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.

Auditor''s 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 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.

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 Loss 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.

Reports on other Regulatory Requirements

1. As required by the Companies (Auditor''s 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, 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 of even date to the members of M/S JEET MACHINE TOOLS LTD.

i) a) The Company has maintained proper records showing full particulars, Including quantitative details and the situation of its fixed assets.

b) All fixed assets are physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. There were no discrepancies noticed during the physical verification conducted by management.

c) During the year no assets has been disposed off, therefore do not effect the going concern assumptions.

ii) a) The inventory have been physically verified by the management at reasonable intervals.

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 were reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion the company has maintained proper records of inventory. The discrepancies between the physical stocks and the stocks in books were not material and have been properly dealt with in the books of account.

iii) During the year, the company has not granted any loans to parties listed in the register maintained under section 301 of the Companies Act, 1956.

iv) In our opinion and according to the information and explanations provided 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 inventory, fixed assets and for sale of goods. During the course of out audit no major weakness has been noticed in the internal control.

v) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that there were no transactions entered into by the company that need to be entered into the register maintained u/s 301 of the Act. Accordingly, clause (v)(b) of the Order is not applicable.

viii) The company is not required to maintain cost records pursuant to the rules made by the Central Government under section 209(1)(d) of the Companies Act, 1956.

ix) (a) According to the records, information and explanations provided to us, the company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, sales tax, employee''s state insurance, income tax and other statutory dues applicable to it and no undisputed amounts payable were outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

(b) On the basis of examination of the documents and records of the company and the information and explanations given to us upon our enquiries in this regard , disputed amounts payable in respect to Income-tax, Sales Tax, Wealth-Tax, Service Tax, Custom duty and Excise Duty / Cess not deposited with the appropriate authorities is NIL.

x) The company does not have accumulated losses but it has incurred cash losses during the current financial year and also in the immediately preceding financial year.

xi) Based on our procedures and on the information and explanations given by the management, the company has not availed and funds / facilities from the financial institution or bank.

xii) Based on our examination and 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.

xiii) The company is not a chit / nidhi / mutual benefit fund/ society and clause (xiii) of the order is not applicable.

xiv) In our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts relating to dealing in shares, securities and debentures and timely entries have been made in such records. All the investments are in the name of the company.

xv) On the basis of the information and explanations given to us the Company has not given any guarantee for loans taken by others from bank or financial institution.

xvi) There was no term loan availed by the company and outstanding during the year.

xvii) On the basis of our examination of the books of accounts and the information and explanations given to us, in our opinion, the funds raised on short-term basis have not been used for long term investment and vice versa.

xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

xx) The company has not raised any money by way of public issues during the year.

xxi) Based on the audit procedure performed and information and explanations given to us by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For J. S. BHATIA & CO., CHARTERED ACCOUNTANTS.

PLACE : MUMBAI J. S. BHATIA DATE : 26/05/2014 PROPRIETOR M.No:034290


Mar 31, 2013

Report nit financial Statements

We have audited the accompanying financial statements of M/S JEET MACHINE TOOLS LTD, which comprise the Balance Sheet as at March 31, 2011. and the Statement of Profit and Loss and Cash Kluw Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s responsibility Tor the financial statements

Management is responsible for die 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-see lion (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of interna J 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.

Auditor''s 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 < hartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform Ihe audit to ohlain 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 Ihe financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also inciudes evaluating the appropriateness of accounting policies used and the reasonableness of die 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 Loss 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,

Reports on other Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4 A) 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 (!) of section 274 of the Companies Act, 1956.

Annexure to the auditors report of even date to the members of M/S JEET MACHINE TOOLS LTD,

i) a) The Company has maintained proper records showing full particulars. including quantitative details and the situation of its fixed assets.

b) All fixed assets are physically verified by the management during the year. ; In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. There were no discrepancies noticed during the physical verification conducted by management.

c) The assets disposed off during the year are not significant and therefore do not effect the going concern assumptions.

ii) a) The inventory have been physically verified by the management at reasonable intervals.

b) En our opinion and according to the information and explanations given to us, the procedures for physical verification of inventory foJlowed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion the company has maintained proper records of inventory. The discrepancies between the physical stacks and the stocks in books were not material and have been properly dealt with in the books of account.

iii) During the year, the company has not granted any loans to parties listed in the register maintained under section 301 of the Companies Act, 1956.

iv) Id our opinion and according to the information and explanations provided 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 inventory, fixed assets and for safe of goods. During the course of out audit no major weakness has been noticed in the internal control.

v) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that there were no transactions entered into by the company that need to be entered into the register maintained u/s 301 of the Act. Accordingly, clause (v)(b) of the Order is not applicable.

viii) The company is not required to maintain cost records pursuant to the rules made by the Central Government under section 209(1 )(d) of the Companies Act, 1956.

ix) (a) According to the records, information and ex p I ana (ions provided to us, the company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, sales tax, employee''s stale insurance, income tax and other statutory dues applieshte to it and no undisputed amounts payable were outstanding as al 31" March. 2013 for a period of more than six months from the dale (hey became payable.

(b) On the basis of examination of the documents and records of the company and the information and explanations given to us upon our enquiries in this regard . disputed amounts payable in respect to income-tax. Sales Tax. Wealth-Tax. Service Tax, Custom duty and Excise Duty / Cess not deposited wtth the appropriate authorities is NIL

x) The company neither has accumulated tosses nor it has incurred any cosh losses during the current financial year and the immediately preceding financial year.

xi) Based on our procedures and on the information and explanations given by the management, the company has not availed and funds/ facilities from the financial institution or bank.

xii) Based on our examination and according to the information and explanations given to us, the Company has not granted loans find advances on the basis of security by way or pi edge of shares, debentures and other securities.

xiii) The company is not a chit / nidhi / mutual benefit fund/ society and clause {xiii) of the order is not applicable.

xivi In our opinion and according to the information and explanations given to us, proper records have been maintained of I he transactions and contracts relating to dealing in shares, securities and debentures and timely entries have been made in such records. All the investments are in the name of the company.

xv) On the basis of the inlornutiion and explanations given to us the Company has not given any guarantee for loans taken by others from bank or financial institution.

xvi) There was no term loan availed by the company and outstanding during Lhe year,

xvii) On the basis of our examination of the books of accounts and the information and explanations given to us, in our opinion, the funds raised on short-term basis have not been used for long term investment and vice versa.

xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

xx) The company has not raised any money by way of public issues during the year.

xxi) Bailed on the audit procedure performed and information ond explanations given to us by the management, we report that no fraud on or by the eompuny has been noticed or reported during the course ofour audit,



For J. S. BUATIA & CO-,

CHARTERED ACCOUNTANTS.



PLACE : MUMBAT J. S. BHATIA

DATE : 15/05/2013 PROPRIETOR

M.No:0J4290


Mar 31, 2012

We have audited the attached Balance Sheet of M/s JEET MACHINE TOOLS LTD., as on 31st March 2012 and also the Profit & Loss Account for the year ended on that date 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 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 misstatements. An audit also includes examining, on 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 the 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, (the Order) issued by the Central Government of India in terms of sub-section (4 A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 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, Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

v) On the basis of written representations received from the directors as on March 31,2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 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 our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 :

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012.

b) In the case of Profit & Loss Account, of the Loss for the year ended on that date.

c) In case of Cash Flow statement, of the cash flows for the year ended on that date.

Annexure to the auditors report of even date to the members of M/s Jeet Machine Tools Ltd.

i) a) The Company has maintained proper records showing full particulars, including quantitative details and the situation of its fixed assets.

b) All fixed assets are physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. There were no discrepancies noticed during the physical verification conducted by management.

c) The assets disposed off during the year are not significant and therefore do not effect the going concern assumptions.

ii) a) The inventory have been physically verified by the management at reasonable intervals.

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 were reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion the company has maintained proper records of inventory. The discrepancies between the physical stocks and the stocks in books were not material and have been properly dealt with in the books of account.

iii) During the year, the company has not granted any loans to parties listed in the register maintained under section 301 of the Companies Act, 1956.

iv) In our opinion and according to the information and explanations provided 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 inventory, fixed assets and for sale of goods. During the course of out audit no major weakness has been noticed in the internal control.

v) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that there were no transactions entered into by the company that need to be entered into the register maintained u/s 301 of the Act. Accordingly, clause (v)(b) of the Order is not applicable.

vi) The company has not accepted any deposits from the public during the year.

vii) The company has a system of internal audit which, in our opinion, is commensurate with its size and nature of its business.

viii) The company is not required to maintain cost records pursuant to the rules made by the Central Government under section 209(l)(d) of the Companies Act, 1956.

ix) (a) According to the records, information and explanations provided

to us, the company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, sales tax, employee's state insurance, income tax and other statutory dues applicable to it and no undisputed amounts payable were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) On the basis of examination of the documents and records of the company and the information and explanations given to us upon our enquiries in this regard , disputed amounts payable in respect to Income-tax, Sales Tax, Wealth-Tax, Service Tax, Custom duty and Excise Duty / Cess not deposited with the appropriate authorities are as follows:



SrNo. STATUTES FORUMS TOTAL

Commissioner Appeals

1. Income Tax 1,20,752 1,20,752 A.Y. 06-07

2. Income Tax 3,93,676 3,93,676 A.Y. 07-08

5,14,428



x) The company neither has accumulated losses nor it has incurred any cash losses during the current financial year and the immediately preceeding financial year.

xi) Based on our procedures and on the information and explanations given by the management, the company has not availed and funds / facilities from the financial institution or bank.

xii) Based on our examination and 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.

xiii) The company is not a chit / nidhi / mutual benefit fund/ society and clause (xiii) of the order is not applicable.

xiv) In our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts relating to dealing in shares, securities and debentures and timely entries have been made in such records. All the investments are in the name of the company.

xv) On the basis of the information and explanations given to us the Company has not given any guarantee for loans taken by others from bank or financial institution.

xvi) There was no term loan availed by the company and outstanding during the year.

xvii) On the basis of our examination of the books of accounts and the information and explanations given to us, in our opinion, the funds raised on short-term basis have not been used for long term investment and vice versa.

xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

xx) The company has not raised any money by way of public issues during the year.

xxi) Based on the audit procedure performed and information and explanations given to us by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.



ForJ.S. BHATIA&CO.,

CHARTERED ACCOUNTANTS.

PLACE : MUMBAI J.S.BHATIA

DATE : 01/09/2012 PROPRIETOR

M.No: 34290


Mar 31, 2011

We have audited the attached Balance Sheet of M/s JEET MACHINE TOOLS LTD., as on 31st March 2011 and also the Profit & Loss Account for the year ended on that date 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 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 misstatements. An audit also includes examining, on 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 the 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, (the Order) 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 and 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, Profit & Loss Accounts the by this report are in agreement with the books of accounts

iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

v) On the basis of written representations received from the directors as on March 31,2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 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 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 :

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 Profit & Loss Account, of the Profit for the year ended on that date.

c) In case of Cash Flow statement, of the cash flows for the year ended on that date.

Annexure to the auditors report of even date to the members of M/s Jeet Machine Tools Ltd.

i) a) The Company has maintained proper records showing full particulars, including quantitative details and the situation of its fixed assets.

b) All fixed assets are physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. There were no discrepancies noticed during the physical verification conducted by management.

c) The assets disposed off during the year are not significant and therefore do not effect the going concern assumptions.

ii) a) The inventory have been physically verified by the management at reasonable intervals.

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 were reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion the company has maintained proper records of inventory. The discrepancies between the physical stocks and the stocks in books were not material and have been properly dealt with in the books of account.

iii) During the year, the company has not granted any loans to parties listed in the register maintained under section 301 of the Companies Act, 1956.

iv) In our opinion and according to the information and explanations provided 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 inventory, fixed assets and for sale of goods. During the course of out audit no major weakness has been noticed in the internal control.

v) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that there were no transactions entered into by the company that need to be entered into the register maintained u/s 301 of the Act. Accordingly, clause (v)(b) of the Order is not applicable.

vi) The company has not accepted any deposits from the public during the year.

vii) The company has a system of internal audit which, in our opinion, is commensurate with its size and nature of its business.

viii) The company is not required to maintain cost records pursuant to the rules made by the Central Government under section 209(1 )(d) of the Companies Act, 1956.

ix) (a) According to the records, information and explanations provided to us, the company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, sales tax, employee's state insurance, income tax and other statutory dues applicable to it and no undisputed amounts payable were outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable.

(b) On the basis of examination of the documents and records of the company and the information and explanations given to us upon our enquiries in this regard , disputed amounts payable in respect to Income-tax, Sales Tax, Wealth-Tax, Service Tax, Custom duty and Excise Duty / Cess not deposited with the appropriate authorities are as follows:

Sr No. STATUTES FORMUS TOTAL

Commissioner appeals

1. Income 1,20,752 1.20,752 A.Y.06-07

2. Income Tax 3,93,676 3,93,676 A.Y. 07-08

5,14,428

x) The company neither has accumulated losses nor it has incurred any cash losses during the current financial year and the immediately preceding financial year.

xi) Based on our procedures and on the information and explanations given by the management, the company has not availed and funds / facilities from the financial institution or bank.

xii) Based on our examination and 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.

xiii) The company is not a chit / nidhi / mutual benefit fund/ society and clause (xiii) of the order is not applicable.

xiv) In our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts relating to dealing in shares, securities and debentures and timely entries have been made in such records. All the investments are in the name of the company.

xv) On the basis of the information and explanations given to us the Company has not given any guarantee for loans taken by others from bank or financial institution.

xvi) There was no term loan availed by the company and outstanding during the year.

xvii) On the basis of our examination of the books of accounts and the information and explanations given to us, in our opinion, the funds raised on short-term basis have not been used for long term investment and vice versa.

xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. xix) The company did not have any outstanding debentures during the year.

xx) The company has not raised any money by way of public issues during the

XXI) Based on the audit procedure performed and information and explanations given to us by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For J. S. BHATIA & CO.,

CHARTERED ACCOUNTANTS

J. S. BHATIA

M.No: 34290

PLACE : MUMBAI

DATE : 24/05/2011


Mar 31, 2010

We have audited the attached Balance Sheet of M/s JEET MACHINE TOOLS LTD., as on 31st March 2010 and also the Profit & Loss Account for the year ended on that date and 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 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 misstatements. An audit also includes examining, on 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 the 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 (Auditors Report) Order, 2003, (the Order) 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 and 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, Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956.

v) On the basis of written representations received from the directors as on March 31,2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2010 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 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 :

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010.

b) In the case of Profit & Loss Account, of the Profit for the year ended on that date.

c) In case of Cash Flow statement, of the cash flows for the year ended on that date.

Annexure to the auditors report of even date to the members of M/s Jeet Machine Tools Ltd.

i) a) The Company has maintained proper records showing full particulars, including quantitative details and the situation of its fixed assets.

b) All fixed assets are physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. There were no discrepancies noticed during the physical verification conducted by management.

c) The assets disposed off during the year are not significant and therefore do not effect the going concern assumptions.

ii) a) The inventory have been physically verified by the management at reasonable intervals.

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 were reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion the company has maintained proper records of inventory. The discrepancies between the physical stocks and the stocks in books were not- material and have been properly dealt with in the books of account.

iii) During the year, the company has not granted any loans to parties listed in the register maintained under section 301 of the Companies Act, 1956.

iv) In our opinion and according to the information and explanations provided 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 inventory, fixed assets and for sale of goods. During the course of out audit no major weakness has been noticed in the internal control.

v) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that there were no transactions entered into by the company that need to be entered into the register maintained u/s 301 of the Act. Accordingly, clause (v)(b) of the Order is not applicable.

vi) The company has not accepted any deposits from the public during the year.

vii) The company has a system of internal audit which, in our opinion, is commensurate with its size and nature of its business.

viii) The company is not required to maintain cost records pursuant to the rules made by the Central Government under section 209(1 )(d) of the Companies Act, 1956.

ix) (a) According to the records, information and explanations provided to us, the company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, sales tax, employees state insurance, income tax and other statutory dues applicable to it and no undisputed amounts payable were outstanding as at 31st March, 2010 for a period of more than six months from the date they became payable.

(b) On the basis of examination of the documents and records of the company and the information and explanations given to us upon our enquiries in this regard , disputed amounts payable in respect to Income-tax, Sales Tax, Wealth-Tax, Service Tax, Custom duty and Excise Duty / Cess not deposited with the appropriate authorities are as follows:

Sr No. STATUTES FORUMS TOTAL Commissioner Appeals

1. Income Tax 1,20,752 1,20,752 A.Y. 06-07

2. Income Tax 3,93,676 3,93,676 A.Y. 07-08

514,428

x) The Company neither has accumulated losses nor it has incurred any cash losses during the current financial year and the immediately preceeding financial year.

xi) Based on our procedures and on the information and explanations given by the. management, the company has not availed and funds / facilities from the financial institution or bank.

xii) Based on. our examination and 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.

xiii) The Company is not a chit / nidhi / mutual benefit fund/ society, and clause (xiii) of the order is not applicable.

xiv) In our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts relating to dealing in shares, securities and debentures and timely entries have been made in such records. All the investments are in the name of the company.

xv) On the basis of the information and explanations given to us the Company has not given any guarantee for loans taken by others from bank or financial institution.

xvi) There was no term loan availed by the company and outstanding during the year.

xvii) On the basis of our examination of the books of accounts and the information and explanations given to us, in our opinion, the funds raised on short-term basis have not been used for long term investment and vice versa.

xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

xx) The company has not raised any money by way of public issues during the year.

xxi) Based on the audit procedure performed and information and explanations given to us by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For J. S. BHATIA & CO.,

CHARTERED ACCOUNTANTS

J. S. BHATIA

M.No: 34290

PLACE : MUMBAI

DATE: 29/05/2010

 
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