Home  »  Company  »  JJ Finance Corporat  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of JJ Finance Corporation Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of J. J. Finance Corporation Limited ("the Company")which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; 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 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 standalone 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 controls 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 Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31st March, 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, 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 purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31st March, 2015 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 Section 164 (2) of the Act; and

(f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us :

(i) The Company does not have any pending litigations 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 is no amount which were required to be transferred to the Investor Education and Protection Fund by the Company during the year.

ANNEXURE to the auditors' report

The Annexure referred to in our Independent Auditors' Report "Report on Other Legal and Regulatory Requirements" to the members of the J. J. Finance Corporation Limited (the Company) on the standalone financial statements for the year ended 31 March 2015, we report that :

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

(b) These fixed assets have been physically verified by the management at reasonable intervals during the year. No material discrepancies were noticed on such verification.

(ii) (a) The inventory has been physically verified during the year by the management at reasonable intervals.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company has maintained proper records of inventory. There were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) The company has granted unsecured loans , repayable on demand, to a company covered in the register maintained under section 189 of the Companies Act, 2013 . As per information and explanation given to us , there is no overdue amount; and hence Clauses (iii) (a) & (b) are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory & fixed assets and sale of goods and services. We have not observed any major weakness in the internal control system during the course of the audit.

(v) The Company has not accepted any deposits from the public; and hence, para 3(v) of the Order is not applicable.

(vi) As informed, maintenance of cost records has not been specified by the Central Government u/s 148(1) of the Companies Act.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted / accrued in the books of account in respect of undisputed statutory dues including provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty excise , value added tax, cess and other material statutory dues, as applicable,have been regularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid statutory dues were in arrears as at 31 March 2015 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 are no material dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess which have not been deposited with the appropriate authorities on account of any dispute.

(c) As informed, the Company is not required to transfer any amount to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 and rules made thereunder.

(viii) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(ix) As per the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions and banks.

(x) According to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) The Company has not availed term loans, and the question of application of the same for intended purpose does not arise.

(xii) Based on the audit procedures performed for reporting on the true & fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year under audit.

For CHATURVEDI & PARTNERS Chartered Accountants Firm Reg No. 307068E

CA Anup Kumar Dubey Place : Kolkata Partner Dated : May 28th,2015 Membership No. 054975


Mar 31, 2014

We have audited the accompanying financial statements of J J Finance Corporation Limited ("the Company")which comprise the Balance Sheet as at March 31, 2014, 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

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"). The 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 the 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 the 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 the Management as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

(a) in the case of the Balance Sheet, of the State of affairs of the Company as at March 31, 2014

(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date

(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, 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 purposes of our audit.

(b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) the Balance Sheet, 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 in sub section (3C) of section 211 of the act.

(e) on the basis of written representations received from the directors as on March 31, 2014, 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 subsection (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.

ANNEXURE TO THE AUDITORS'' REPORT (REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE)

1. In respect of its fixed assets :

a) The Company has maintained proper records showings full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us, the fixed assets have been verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion, the Company has not disposed of substantial part of fixed assets during the period and the going concern status of the Company is not affected.

2. a) The inventories have 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 stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c) On the basis of our examination, we are of the opinion that the company is maintaining proper records of inventory. No material discrepancies were noticed on verification between the physical stocks and the book records.

3.1 The Company has given loan to one company covered in the Register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.100.00 lacs and the year end aggregate balance was NIL.

In our opinion, the rate of interest and other terms and conditions on which loan has been granted and listed in the Register maintained under section 301 of the Companies Act, 1956 are not prima facie prejudicial to the interest of the company.

As informed, the fresh loans granted by the company are repayable on demand; hence the question of payment of principal amount does not arise. However, the party has been regular in payment of interest.

There are no overdue loans granted to company listed in the register maintained under section 301 of the Companies Act, 1956.

3.2 The Company has not taken any loan from any Company listed in the register maintained under section 301 of the companies Act, 1956.

4. In our opinion and according to the information and explanations gives to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the sale and purchase of stock and investments. During the course of audit, we have not observed any major weaknesses in internal controls system.

5. a) The particular of contracts or arrangement referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

b) The Company has entered into transactions made in pursuance of such contracts / arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from public.

7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business.

8. We have been informed that the Central Government has prescribed the maintenance of Cost Records under Section 209 (1) (d) of the companies Act, 1956 for any of the product of the Company.

9. In respect of statutory dues

a) The undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other statutory dues have been regularly deposited with the appropriate authorities, No undisputed amounts payable in respect of the aforesaid dues were outstanding as on 31stMarch, 2014 for a period of more than six months from the date of becoming payable.

b) There are no dues outstanding of income tax, sales tax, wealth tax, custom duty, service tax, excise duty, and cess on account of any dispute.

10. The Company has no accumulated losses as at 31st March, 2014. The Company has not incurred any cash loss during the year under audit and in the immediate preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

12. In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company 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 benefit fund society therefore, clause 4(xiii) of Companies (Auditors’ Report) order, 2003 (as amended) is not applicable to the company.

14. The Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the Company in its own name.

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not raised any new terms loans during the year; and hence the question of their application for intended purpose, does not arise.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds was raised on short-term basis which have been used for long term investment.

18. 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 Companies Act, 1956.

19. According to the information and explanations given to us, during the period covered by our audit report, the company has not issued debentures.

20. The company has not raised any money by way of public issue during the year under audit.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year under audit that causes the financial statement to be materially misstated.

For CHATURVEDI & PARTNERS Chartered Accountants Firm Reg No. 307068E

CA A. K. DUBEY

Place:Kolkata Partner

Dated:May 13, 2014 Membership No. 054975


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of JJ Finance corporation limited ("the company") which companies the Balance sheet as at March 31,2013 the statement of profit & loss and the cash flow statement for the year then ended a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the financial statement.

Management''s responsible for the preparation of these financial statements that give a true and fair view of the financial position financial performance and such flows of the company in accordance with the Accounting standards referred to in sub-section (3C) of section 211 of the companies Act,1956 ("Act") the responsibility includes the design implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true fair view and are free from material misstatement whether due to fraud or error

Opinion

In our onion and to the of our information and according to the explanations given to us the financial statement give the information required by the act in the manner so required and give a true and fair view in conformity faith the accounting principle generally accepted in India.

(a) in the case of the Balance sheet of the sate of offers of the company as at march 31,2013.

(b) in the case of the statement of profit and ;loss of the profit for the year ended on that date and

(c) in the case of the cash 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 2003 "the order") issued by the central government of India 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 at 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 kept by the company so far as it appears from our examination of those book

(c) the Balance sheet statement of profit and loss and the cash flow statement dealt with by report are in agreement with the books of account.

(d) in our opinion (he Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(e) on I he basis of the written representations received from the directors as on March 31, 2013, and taken on record by the. nard of Directors, none of the directors is disqualified as on March 3T..2P13. 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.

1 In respect of its fixed assets

(a) The company has maintained proper records showings full particulates including quantitative details and situation of fixed assets on the basis of available information.

Q) As explained to us, the fixed assets have been verified by the management during the year in a phased periodical manner in our opinion is reasonable having to the size of the company and nature of its assets no material discrepancies were noticed such physical verified

(c) in our opinion the company has not disposed of substantial part of fixed assets during the period and the going concern status of the company is not affected.

hence the. Cots non „f There are no overdue loans arrant Print ln payment of interest

Companies Act. 1956 0nlpany "steed in the register maintained under section 3Q1 of title , of the Companies Act any Company listed in the register from

in our opinion, the internal audit system of the 8 We hare open informed that the. central Goy "commensurate moth its size apt) nature of its business

3) The undisputed statutory dues including Provident Fund, investor Education and Protection Fund Employees State Insurance, Income Tax. Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been regularly deposited with the appropriate authorities. No undisputed amounts payable in respect of the aforesaid dues were outstanding as on 31st March, 2013 for a period of more than

b.) There are no dues outstanding of income tax, sales tax, wealth tax, custom duty, service tax, excise duty,

10 The Company lies no accumulated losses as at 31st March 2013. The Company has not incurred any cash

11 Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment at dues to financial institutions, banks or debenture

12 In our opinion and according to the information and explanations given to us, no loans and advances: have been granted by the Company 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 mdhi / mutual benefit fund society therefore, clause 4(xm) of

14 The Company has maintained proper records of transactions and contracts in respect of trading in securities., debentures and other investments and timely entries have been made therein All shares, debentures and other

15 The Company has not given any guarantee for loans taken by others from bank or financial institutions

16 The Company has not raised any new terms loans dung the year'' and hence the question of their application for

17 According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds was raised on short-term basis which have been used for long, term

18 During the year, the company has not made any preferential allotment of shares to parties and companies

19 According to the information and explanations given to us, during the period covered by our Audit Report the

21 In cur opinion and according to the information and explanations given to us, no. fraud on or by the company has been noticed or reported during the year under audit that causes the financial statement to be materially misstated.

For CHATURVEDI & PARTNERS

Chartered Accountants

F.R.NO.307068E

CA.A.K.DUBEY place: Kolkata Partner Dated:27.05.2013 Membership No.054976


Mar 31, 2010

We have audited the attached Balance Sheet of J. J. Finance Corporation Limited as at 31st March 2010 and the Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. 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 tree of material mis-statement. An audit includes examining, on test basts, evidence supporting the amounts and disclosures in the financial statements. An audit also indudes 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 lor our opinion.

2. As required by the Companies (Auditors Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of The Companies Act, 1956" (the Act) we enclose in the annexune a statement on the matter specified in paragraphs 4 and 5 of the said Order.

3. Further to our comment in annexure referred to in paragraph 2 above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion, proper books of account, as required by law, have been kept by the Company, so far as appears from our examination of those books;

c} The Balance Sheet. Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the Books of Account;

d) In our opinion, the Balane Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) In our opinion and based on information and explanations given to us, none of the directors are disqualified as on March 31, 2010 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act. 1956,

f) In our opinion and to the best of our information and accounting to the explanations given to us. the said accounts, subject to note 6 of schedule N regarding pending confirmation & reconciliation, read together with the Significant Account Policies and Other Notes on Accounts in Schedule N give the information required by the Companies Act. 1956. in the manner so required, and present a true and fair view, in conformity with the accounting principles generally accepted in India:

(i) In so far as it relates to Balance Sheet, of the slate of affairs of the Company as at 31st March 2010;

(ii) In so far as it relates to the Profit & Loss Account, of the Profit of the Company for the year ended on that date; and

(iii) In so far as it relates to the Cash Flow Statement, of the Cash Flow of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE)

1. In respect of its fixed assets :

a) The Company has maintained proper records showings full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us, the fixed assets have been verified by the management during the year in a phased periodical manner which in our opinion is reasonable, having regard to the size of the Company and nalure of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion, the Companies has not disposed of substantial part of fixed assets during the period and the going concern status of the Company is not affected.

2. a) The inventories have been physically verified dunng the year by the management at reasonable intervals.

b) In our optrnon and according to the information and explanations given to us. the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c) On the basis of our examination, we are of the opinion that the Company is maintaining proper records of inventory. No material discrepancies were noticed on verification between the physical stocks and the book records.

3. 1. The Company has given loan to two Companies covered in the Register maintained under section 301 of the Companies Act. 1956. The maximum amount involved during the year was Rs.280.50 lacs and the year end aggregate balance was Rs. 47.84 lacs.

In our opinion, the rate of interest and other terms and conditions on which loan has been granted and listed in the Register maintained under Section 301 of the Companies Act. 1956 are not prima facia prejudicial to the interest of the company.

As informed, the fresh loans granted by the company are repayable on demand: hence the question of payment of principal amount does not arise. However, the party has been regular in payment of interest

There are no overdue loans granted to company listed in the register maintained under section 301 of the Companies Act. 1956. - -

3. 2. The Company has not taken any loan from any Company listed in the register maintained under section 301 of the Companies Act 1956.

4. In our opinion and according to the information and explanations given to us. there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of fixed assets and investments and also for the sale of fixed asseis and, investments. During the course of audit, we have not observed any major weaknesses in internal control system.

5. a) The particular of contracts or arrangement referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

b) The Company has not entered into transactions in pursuance of contracts / arrangements entered in the register maintained under section 301 of the Companies Act. 1956 and exceeding the value of rupees five lacs in respect of any party during the year

6. The Company has not accepted any deposits from public.

7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business.

8. We have been informed that the Central Government has not prescribed the maintenance of Cost Reconds under Section 209 (1) (d) of the Companies Act. 1956 for any of the product of the Company.

9- In reepeci of statutory dues :

a) The undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees Slate Insurance, Income Tax. Sales Tax. Wealth Tax, Service Tax, Customs Duly, Excise Duly, Cess and Other statutory dues have been regularly deposited with the appropriate authorities. No undisputed amounts payable in respect of the aforesaid dues were outstanding as on 31st March. 2010 for a period of more than six months from the dale of becoming payable.

b) There are no dues outstanding of income fax, sales fax. wealth tax, custom duty, service tax, excise duty. and cess on account of any dispute

10. The Company has no accumutated losses as at 31st March. 2010. The Company has not incurred any cash loss during the year under audit and in the immediate proceeding financial year.

11. Based on our audil procedures and according to the information and explanations given to us. we are of the opinion that the Company has not delaulled in repayment of dues to financial institutions, banks or debenture holders,

12. In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company 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 benelil fund society therefore, clause 4(xiii) of Companies (Auditors Report) Order. 2003 (as amended) is not applicable to the company.

14. The Company has maintained proper records of transactions and contracts in respect of trading in securities. debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the Company in its own name,

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has nol raised any new lerm loans during the year; and hence the question of their application for intended purpose, does not arise.

17. According to the information and explanations given to us and on an overall examination ot the balance sheet of the Company, we report that no funds was raised on short-term basis which have been used for long term investment.

18. During the year, the company has not made any preferential allotment of shares to parties and companies covered in the Regisler maintained under section 301 of the Companies Act. 1956.

19. According to the information and explanations given to us. during the period covered by our Audit Report, the company has not issued debentures.

20. The company has not raised any money by way of public issue dunng the year under, audit

21. In our opinion and according to the information and explanations given lo us, no fraud on or by the company has been noticed or reponed during the year under audit that causes the financial stalement to be materially misstated.

For CHATURVEDI & PARTNERS

Chartered Accountants

F.R NO. 307068E

A.K.DUBEY

Place - Kolkata

Dated-05.07.2010. Partner

Membership Mo. 054975


Mar 31, 2009

We have audited the attached Balance Sheet of J. J. Finance Corporation Limited as at 31st March 2009 and the Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on ourjaudit.

1. 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 matetial mis-statement. An audit 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.

2. As required by the Companies (Auditors Report) Order, 2003 (as amended) 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 matter specified in paragraphs 4 and 5 of the said Order.

3. Further to our comment in annexure referred to in paragraph 2 above, we report that:

a) We have obtained all the information and explanations, which to the best of our-knowledge and belief were ___ necessary for the purposes o f 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the Books of Account;

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of Section 211 of the" Companies Act, 1956 except AS 15 regarding accounting for retirement benefits for "Gratuity and Leave Encashment" to employee(s) are on cash basis as stated in Note No. 1.3 of Schedule TV of Notes to the Accounts;

e) In our opinion and based on information and explanations given to us, none of the directors are disqualified as on March 31, 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to note 6 of schedule N regarding pending confirmation & reconciliation, read together with the Significant Accounting Policies and Other Notes on Accounts in Schedule N give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st-March 2009;

(ii) In so far as it relates to the Profit & Loss Account, of the Profit of the Company for the year ended on that date; and

(iii) In so far as it relates to the Cash Flow Statement, of the Cash Flow of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT ( REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE )

1. In respect of its fixed assets :

a. The Company has maintained proper records showings full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the fixed assets have been verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the Companies has not disposed of substantial part of fixed assets during the period and the going concern status of the Company is not affected.

2. a) The inventories have been physically verified during the year by the management at resonable intervals.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of stocks followed by the management-are resonable and adequeate in relation to the size of the company and nature of its business.

c) On the basis of our examination, we are of the opinion that the Company is maintaining proper records of inventory. No material discrepancies were noticed on verification between the physical stocks and the book records.

3. (A) Loan Given

During the year the Company has granted loan to three Companies covered in the Register maintained - and seclion 301of the Companies Act, 1956. The maximum amount involved during the year was Rs.265.50 lacs and the year end aggregate balance was Rs. 173.76 lacs.

In our opinion, the rate of interest and other terms and conditions on which loans have been granted to the Companies listed in the Register maintained under Section 301 of the Companies Act, 1956 are not prima facie prejudicial to the interest of the company.

The fresh loan granted by the company has not fallen due for repayment during the year; hence the question of repayment of principal amount does not arise however, the party has been regular in payment of interest.

In respect of the aforesaid loans, there is no overdue amount

(B) Loan Taken

The Company has not taken any loan from any Company listed in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of fixed assets and investments and also for the sale of fixed assets and investments. During the course of audit, we have not observed any major weaknesses in internal control system.

5. a) The particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

b) The Company has not entered into transactions in pursuance of contracts / arrangements entered in the - register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year.

6. The Company has not accepted any deposits from public.

7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business.

8. We have been informed that the Central Government has not prescribed the maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1956 for any of the product of the Company.

9. In respect of statutory dues: a. The undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, lncome_Tax, Sales Tax Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been regularly deposited with the appropriate authorities. No undisputed amounts payable in respect of the aforesaid dues were outstanding as on 31st March, 2009 for a period of more than six months from the date of becoming payable.

b. There are no dues outstanding of income tax, sales tax, wealth tax, custom duty, service tax, excise duty, and cess on account of any dispute.

10. The Company has no accumulated losses as at 31st March, 2009. The Company has not incurred any cash loss during the year under audit and in the immediate preceeding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

12. In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company 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 benefit fund society therefore, clause 4(xiii) of Companies (Auditors Report) Order, 2003 (as amended) is not applicable to the company.

14. The Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares; debentures and other investments have been held by the Company in its own name.

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not raised any new term loans during the year; and hence the question of their application for intended purpose, does not arise.

17. According to the information and explanations 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 which have been used for long term investment.

18. 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 Companies Act, 1956.

19. According to the information and explanations given to us, during the period covered by our audit Report, the company has not issued debentures.

20. The company has not raised any money by way of public issue during the year under audit.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year under audit that causes the financial statement to be materially misstated.



For CHATURVEDI & PARTNERS Chartered Accountants Place - Kolkata Dated-12.08.2009 A.K.DUBEY Partner Membership No. 54975

 
Subscribe now to get personal finance updates in your inbox!