Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of Jet Infraventure Limited (formerly known as Jet Infraventure Private Limited) ("the Company"), which comprise the Balance Sheet as at March 31, 2015 and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance 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 the 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 the frauds and other irregularities, selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of these 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 have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Board of Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
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 31st, 2015; and
b) In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor's Report) Order,2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Companies Act, 2013, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable.
2) As required by section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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, the statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section 133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors as on March 31st, 2015, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2015, from being appointed as a director in terms of sub-section (2) of Section 164 of the Companies Act, 2013.
f) With respect to the other matters to be included in the Auditor's Report in accordance with the 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, we report that:
(i) The Company does not have any pending litigation which would impact its financial position.
(ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.
(iii) There were no amounts which were required to be transferred to the Investors Education and Protection Fund by the Company.
Annexure to the Independent Auditors' Report
Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements' of our report of even date to the members of Jet Infraventure Limited, (the Company) for the year ended on March 31st, 2015. We report that:-.
I. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b. The Fixed Assets are physically verified by the management during the year, which in our Opinion is reasonable having regards to the size of the company and nature of its business. No material discrepancies between the book records and the physical verification have been noticed.
II. In respect of its inventories:
a. The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.
b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.
c. On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. There were no material discrepancies noticed on physical verification of inventories as compared to the book records.
III. The Company has not granted any loans, secured or unsecured to companies, Firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013 and hence provisions of paragraph 3(iii) of the aforesaid Order are not applicable to the Company.
IV. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventories, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.
V. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public to which provisions of section 73 to section 76 or any other relevant provisions of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 are applicable. No Order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal.
VI. In our opinion and according to the information and explanations given to us, maintenance of cost records under section 148 (1) of the Companies Act, 2013 has not been Prescribed by the Central Government.
VII. (a) According to the records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including sales tax, service tax, income tax, value added tax or cess and other statutory dues applicable to it.
(b) According to the information and explanations given to us, no disputed amounts payable in respect of income tax, sales tax, service tax, value added tax or cess and other statutory dues were outstanding as at 31st March 2015, for a period of more than six months from the date they become payable.
(c) No amount is required to be transferred to Investor's Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made there under.
VIII. The Company has no accumulated losses and it has not incurred any cash losses in the current financial year as well as in the immediately preceding financial year.
IX. In our opinion and on the basis of information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to financial institution or bank.
X. In our opinion and according to the information and explanation given to us, the terms and conditions of the guarantee given by the company for loan taken by one party is not prima facie prejudicial to the interest of the company. However, the said loan has been repaid by the party to the bank before the end of the financial year.
XI. In Our Opinion and according to the information and explanation given to us, there were no term loans obtained during the year.
XII. Based upon the audit procedures performed and information and explanation given to us by the management, no fraud on or by the company has been noticed or reported during the year.
For Nilesh Lakhani & Associates Chartered Accountants Registration No. 113817W
Nilesh T. Lakhani Proprietor M. No. 047459 Place: Mumbai Date: 19.05.2015