Mar 31, 2018
INDEPENDENT AUDITORS'' REPORT
To the Members of
JOINDRE CAPITAL SERVICES LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of JOINDRE CAPITAL SERVICES LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss, 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 Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards 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 standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone 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 standalone 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 the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the standalone 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 standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31stMarch, 2018, 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, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section143(3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) the balance sheet, the statement of profit and loss, and the cash flow statement dealt with by this Report are in agreement with the books of account;
(d) in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards 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, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2)of the Act;
(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B";
(g) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. the Company 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. during the Financial Year, the Company has transferred Rs. 81,434 to the Investor Education and Protection Fund.
"ANNEXURE A" TO THE INDEPENDENT AUDITORS'' REPORT
The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended on 31st March 2018. We report that:
(1) In Respect of its fixed assets:
(a) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.
(b) The fixed assets of the company have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. In our opinion, the frequency of verification is reasonable.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deed of immovable property is held in the name of the Company.
(2) In respect of its inventories:
(a) As explained to us, the inventory of shares and securities has been physically verified during the year by the Management. In our opinion, the frequency of verification is reasonable
(b) According to the information and explanations given to us, in our opinion, the procedures of physical verification of inventories followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business
(c) According to the information and explanations given to us and on the basis of our examination of records of inventory, in our opinion, the Company has maintained proper records of inventory of shares and securities and there were no discrepancies noticed on verification between the stocks lying in Demat Account and the book records.
(3) According to the information and explanation given to us, 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. Accordingly, clauses 3 (iii) (a) and 3(iii) (b) of the Order are not applicable.
(4) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.
(5) The company has not accepted any deposits from public.
(6) As informed to us, the maintenance of Cost Records has not been specified by the Central Government under sub-section
(1) of Section 148 of the Act, in respect of the activities carried on by the company.
(7) In respect of statutory dues:
(a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the company is generally regular in depositing the undisputed statutory dues including provident fund, employees'' state insurance, income-tax, wealth tax, service tax, cess and any other statutory dues as applicable with the appropriate authorities.
According to the information and explanations given to us no undisputed amounts payable in respect of provident fund, employees'' state insurance, income-tax, service-tax, excise duty, sales tax, customs duty and cess were in arrears, as at 31st March, 2018 for the period of more than six months from the date they became payable.
(b) According to the information and explanation given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute.
(8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures
(9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
(10) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither come across any instance of fraud done by the company or any fraud done on the company by its officers or employees, noticed or reported during the year, nor have we been informed of such case by the management.
(11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.
(12) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(13) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(14) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(15) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
(16) The company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
"ANNEXURE - B TO THE AUDITORS'' REPORT"
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls with reference to financial statements of JOINDRE CAPITAL SERVICES LIMITED ("the Company") as of 31 March 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls with reference to financial statements issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls with reference to Financial statements (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system with reference to financial statements.
Meaning of Internal Financial Controls with reference to Financial Statements
A company''s internal financial control with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to Financial Statements
Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statement were operating effectively as at 31 March 2018, based on "the internal control with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls with reference to financial statements issued by the Institute of Chartered Accountants of India".
For JIGNA SHETH & ASSOCIATES
Chartered Accountants
Firm Registration No. 134922W
JIGNA SHETH
Place : Mumbai Proprietor
Date : 30th May, 2018 Membership No. 148236
Mar 31, 2015
We have audited the accompanying standalone financial statements of
JOINDRE CAPITAL SERVICES LIMITED ("the Company"), which comprise the
Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss,
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 Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
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 Standalone 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 there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the standalone financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the standalone financial statements.
The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the standalone
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 standalone 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 the accounting policies used
and the reasonableness of the accounting estimates made by the
Company's Directors, as well as evaluating the overall presentation of
the standalone 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 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 standalone 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.
(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 has disclosed the impact of pending litigations on its
financial position in its standalone financial statements - Refer Note
22 to the standalone financial statements;
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
Investor Education and Protection Fund by the Company.
ANNEXURE TO INDEPENDENT AUDITORS' REPORT
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the standalone financial statements for the
year ended on 31st March 2015. We report that:
1) In Respect of its fixed assets:
(a) The company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets of the company have been physically verified by
the management during the year and no material discrepancies between
the book records and the physical inventory have been noticed. In our
opinion, the frequency of verification is reasonable.
2) In respect of its inventories:
(a) As explained to us, the inventory of shares and securities has been
physically verified during the year by the Management. In our opinion,
the frequency of verification is reasonable
(b) According to the information and explanations given to us, in our
opinion, the procedures of physical verification of inventories
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business
(c) According to the information and explanations given to us and on
the basis of our examination of records of inventory, in our opinion,
the Company has maintained proper records of inventory of shares and
securities and there were no discrepancies noticed on verification
between the stocks lying in Demat Account and the book records.
3) According to the information and explanation given to us, 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. Accordingly, clauses 3 (iii) (a) and 3(iii)
(b) of the Order are not applicable.
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 with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
5) The company has not accepted any deposits from public.
6) According to information and explanation given to us paragraph 3(vi)
of the order is not applicable to the company
7) In respect of statutory dues:
(a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the company is generally regular in depositing the
undisputed statutory dues including provident fund, employees' state
insurance, income- tax, wealth tax, service tax, cess and any other
statutory dues as applicable with the appropriate authorities.
According to the information and explanations given to us no undisputed
amounts payable in respect of provident fund, employees' state
insurance, income-tax, service-tax, excise duty, sales tax, customs
duty and cess were in arrears, as at 31st March, 2015 for the 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 wealth tax, servie tax etc. which have not been
deposited with the appropriate authorities on account of any dispute.
However, according to the information and explanations given to us, the
particulars of dues of income tax as at 31st March, 2015 which have not
been deposited on account of any dispute, are as follows:
Name of the Nature of the Amount (Rs.) Period to
Statue Dues Amount relates which the
Income Tax Income tax *11,30,528/- F.Y. 2007-08 In High
Court
Act, 1961 and Interest
* Net of amounts paid under protest or otherwise
(c) According to the information and explanations given to us, there
were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company in accordance with the
relevant provisions of the Companies Act, 1956. Accordingly, clause 3
(vii) (c) of the Order is not applicable.
8) The company has no accumulated losses as at 31st March, 2015 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
9) According to the records of the company examined by us and the
information and explanations given to us, the company has not defaulted
in repayment of dues to any financial institution or bank as at the
balance sheet date.
10) In our opinion and according to the information and explanations
given to us, the company has not given any guarantees for loans taken
by others from banks or financial institutions.
11) The Company has not taken any term loan during the year and hence
the question of applying term loans for the purpose for which they were
obtained does not arise.
12) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanation given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For BANSHI JAIN & ASSOCIATES
Chartered Accountants
Firm Registration No. 100990W
ANUJ B. GOLECHA
Place : Mumbai Partner
Date : 29th May, 2015 Membership No. 117617
Mar 31, 2014
We have audited the accompanying financial statements of JOINDRE
CAPITAL SERVICES LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2014, the Statement of Profit and Loss and the
Cash Flow Statement of the Company 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 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 notified under the Companies
Act, 1956 ("the Act") which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General
Circular-15/2013 dated 13th September 2013 of the Ministry of Corporate
Affairs and in accordance with the accounting principles generally
accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with 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 the 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, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. 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 of
the Company 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, 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 the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate
Affairs).
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO INDEPENDENT AUDITORS REPORT [Referred to in paragraph 1
under the heading of "Report on Other Legal and Regulatory
Requirements" of our report of even date]
1) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The Fixed Assets of the Company have been physically verified by the
management during the year and no material discrepancies between the
books records and the physical inventory have been noticed. In our
opinion, the frequency of verification is reasonable.
c) In our opinion and according to the information and explanations
given to us, a substantial part of Fixed Assets has not been disposed
off by the Company during the year.
2) a) As explained to us, the inventory of shares and securities has
been physically verified during the year by the Management. In our
opinion, the frequency of verification is reasonable.
b) According to the information and explanations given to us, in our
opinion, the procedures of physical verification of inventories
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) According to the information and explanations given to us and on the
basis of our examination of records of inventory, in our opinion, the
Company has maintained proper records of inventory of shares and
securities and there were no discrepancies noticed on verification
between the stocks lying in Demat Account and the book records.
3) The Company has not granted or taken any loans, secured or
unsecured, to or from any Companies, Firms or other Parties covered in
the register maintained under Section 301 of the Act. Therefore
paragraph 4 (iii) of the Order are not applicable.
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 with regard to purchases of inventory, 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 weaknesses in
internal controls.
5) a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into the register
maintained under Section 301 of the Companies Act, 1956 have been so
entered. b) In our opinion and according to the information and
explanations given to us, the transactions made in pursuance of
contracts or 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 have been made
at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6) According to information and explanation given to us the Company has
not accepted any deposits from the public within the meaning of Section
58A and 58AA or any other relevant provisions of the Act and the Rules
framed there under.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) The Central Government of India has not prescribed the maintenance
of cost records under Clause (d) of Sub- Section (1) of Section 209 of
the Companies Act, 1956.
9) a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the Company is generally regular in depositing the
undisputed statutory dues including provident fund, investor education
and protection fund, employees'' state insurance, income-tax, wealth
tax, service tax and other material statutory dues as applicable with
the appropriate authorities. There are no outstanding dues in respect
of the above items, which are more than six months as at the Balance
Sheet date. b) According to the information and explanations given to
us and according to the books and records as produced and examined by
us, there are no dues of income tax, service tax, wealth tax and cess
etc. which have not been deposited on account of any dispute except
following:
Name of the Nature of the Amount (Rs.) Period to
which the Status
Statute Dues amount
relates
Income Tax Income tax *11,30,528/- A.Y. 2008-09 Income Tax
Act, 1961 and Interest Appellate
Tribunal
Income Tax TDS U/s 9,77,217/- A.Y.2011-12 CIT(A)
Act.1961 201(1)/201(1A)
& Interest
10) The Company has no accumulated losses as at 31st March, 2014 and it
has not incurred any cash losses in the immediately preceding financial
year.
11) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any bank. The Company has neither taken any
loans from a financial institution nor issued any debentures.
12) In our opinion and according to the information and explanations
given to us and according to the books and records as produced and
examined by us, the Company has not granted any loans and advances on
the basis of security by way of pledged of shares, debentures and other
securities.
13) The provisions of any special statute applicable to Chit Fund /
Nidhi / Mutual Fund / Societies are not applicable to the Company.
Accordingly clause 4(xiii) of the Order is not applicable.
14) In our opinion and according to the information and explanations
given to us and according to the books and records as produced and
examined by us, the Company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures and other investments during the year and timely
entries have been made therein and such securities have been held by
the Company in its own name.
15) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
16) In our opinion and according to the information and explanations
given to us and according to the books and records as produced and
examined by us, the Company has not obtained any term loans.
17) According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, in our opinion
and according to the information and explanations given to us, there
are no funds raised on a short term basis which have been used for long
term investment.
18) According to the information and explanations given to us, 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 during the year.
19) The Company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable.
20) The Company has not raised any money by public issues during the
year.
21) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, we have neither come across any instance
of fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For BANSHI JAIN & ASSOCIATES
Chartered Accountants
Firm Registration No. 100990W
ANUJ B. GOLECHA
Place : Mumbai Partner
Date : 30th May, 2014 Membership No. 117617
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of JOINDRE
CAPITAL SERVICES LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2013, the Statement of Profit and Loss and the
Cash Flow Statement of the Company 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 Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with 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 the 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, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company 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, 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 the 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 the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT
[Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date]
1) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The Fixed Assets of the Company have been physically verified by the
management during the year and no material discrepancies between the
books records and the physical inventory have been noticed. In our
opinion, the frequency of verification is reasonable.
c) In our opinion and according to the information and explanations
given to us, a substantial part of Fixed Assets has not been disposed
off by the Company during the year.
2) a) As explained to us, the inventory of shares and securities has
been physically verified during the year by the Management. In our
opinion, the frequency of verification is reasonable.
b) According to the information and explanations given to us, in our
opinion, the procedures of physical verification of inventories
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) According to the information and explanations given to us and on the
basis of our examination of records of inventory, in our opinion, the
Company has maintained proper records of inventory of shares and
securities and there were no discrepancies noticed on verification
between the stocks lying in Demat Account and the book records.
3) a) The Company has granted unsecured loan to its subsidiary company
covered in the register maintained under Section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs. 70
Lakhs and the year-end balance of loan granted to such party was NIL.
(b) In our opinion and according to the information and explanation
given to us, the rate of interest and other terms and conditions of
such loans are not, prima facie, prejudicial to the interest of the
company.
(c) In respect of the aforesaid loans, the party has repaid the
principal amounts as stipulated and has also been regular in the
payment of interest, where applicable, to the company.
(d) In respect of the aforesaid loan, there is no overdue amount.
(e) The company has not taken any loan, from parties covered in the
register maintained under Section 301 of the Act. Therefore, the
provisions of sub- clauses (e), (f) and (g) of clause 4(iii) of the
Order are not applicable to the Company.
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 with regard to purchases of inventory, 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 weaknesses in
internal controls.
5) a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered into
the register maintained under Section 301 of the Companies Act, 1956
have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
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 have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
6) According to information and explanation given to us the Company has
not accepted any deposits from the public within the meaning of Section
58A and 58AA or any other relevant provisions of the Act and the Rules
framed there under.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) The Central Government of India has not prescribed the maintenance
of cost records under Clause (d) of Sub- Section (1) of Section 209 of
the Companies Act, 1956.
9) a) According to the information and explanations given
to us and according to the books and records as produced and examined
by us, in our opinion, the Company is generally regular in depositing
the undisputed statutory dues including provident fund, investor
education and protection fund, employees'' state insurance, income-tax,
wealth tax, service tax and other material statutory dues as applicable
with the appropriate authorities. There are no outstanding dues in
respect of the above items, which are more than six months as at the
Balance Sheet date.
b) According to the information and explanations given to us and
according to the books and records as produced and examined by us,
there are no dues of income tax, service tax, wealth tax and cess etc.
which have not been deposited on account of any dispute except
following:
Name of the Nature of the Period to which the
Amount (Rs.) Status
Statute Dues amount relates
Income Tax Income tax *11,30,528/- A.Y. 2008-09 Income Tax
Act, 1961 and Interest Appellate
Tribunal
Income Tax TDS U/s 16,99,738/- A.Y. 2010-11 CIT(A)
Act,1961 201(1)/
201(1A &
Interest
Income Tax TDS U/s 9,77,217/- A.Y.2011-12 CIT(A)
Act,1961 201(1)/201
(1A & Interest
* Net of amounts paid under protest or otherwise
10) The Company has no accumulated losses as at 31st March, 2013 and it
has not incurred any cash losses in the immediately preceding financial
year.
11) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any bank. The Company has neither taken any
loans from a financial institution nor issued any debentures.
12) In our opinion and according to the information and explanations
given to us and according to the books and records as produced and
examined by us, the Company has not granted any loans and advances on
the basis of security by way of pledged of shares, debentures and other
securities.
13) The provisions of any special statute applicable to Chit Fund /
Nidhi / Mutual Fund / Societies are not applicable to the Company.
Accordingly clause 4(xiii) of the Order is not applicable.
14) In our opinion and according to the information and explanations
given to us and according to the books and records as produced and
examined by us, the Company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures and other investments during the year and timely
entries have been made therein and such securities have been held by
the Company in its own name.
15) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
16) In our opinion and according to the information and explanations
given to us and according to the books and records as produced and
examined by us, the Company has not obtained any term loans.
17) According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, in our opinion
and according to the information and explanations given to us, there
are no funds raised on a short term basis which have been used for long
term investment.
18) According to the information and explanations given to us, 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 during the year.
19) The Company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable.
20) The Company has not raised any money by public issues during the
year.
21) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, we have neither come across any instance
of fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For BANSHI JAIN & ASSOCIATES
Chartered Accountants
Firm Registration No. 100990W
ANUJ B. GOLECHA
Place : Mumbai Partner
Date : 30th May, 2013 Membership No. 117617
Mar 31, 2010
1. We have audited the attached Balance Sheet of JOINDRE CAPITAL
SERVICES LTD. as at 31st March. 2010 and the related Profit and Loss
Account and Cash Row Statement for the year ended on that dale annexed
thereto, which we have signed under reference to this report. These
financial statements are the responsibility of the Companys
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the Auditing Standards
generally accepted In India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting 1he amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) (Amendment) Order 2004
(together the Order) issued by the Central Government of India in
terms of sub-Section (4A) of Section 227 of The Companies Act, 1956
of India and on the basis of such checks of the books and records of
the Company as we considered appropriate and according to the
information and explanations given to us, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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 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 deall with by this report comply with the Accounting
Standards referred to in sub-Section (3C) of Section 211 of the
Companies Act, 1956;
(e) On the basis of written representations received from the
Directors, as on 31st March, 2010 and taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
from being appointed as a Director in terms of clause (g) of sub-
section (1) of Section 274 of the Companies Act,1956;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Companies Act, 1956 and give a
true and fair view in conformity with the accounting principles
generally accepted in India;
(I) in the case of the Balance Sheet, of the state of affairs of the
Company as a) 31st March, 2010;
(II) in the case of the Profit and Less Account, of the profit for the
year ended on that date; and
(iii) m the case of the Cash Row Statement, of the cash flows lor the
year ended on that date.
ANNEXURE TO AUDITORS REPORT (Referred to in paragraph 3 of our report
of even date,)
1) a) The Company has maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
c) In our opinion and according to the information and explanations
given to us. a substantial part of Fixed Assets has not been disposed
off by the Company during the year.
2) a) As explained to us. the inventory of shares and securities has
been physically verified dunng the year by the Management. In our
opinion, the frequency of verification is reasonable.
b) According to the information and explanations given to us. In our
opinion, the procedures of physical verification of Inventories
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) According to the information and explanations given to us and on the
basis of our examination of records of inventory, in our opinion, the
Company has maintained proper records of inventory of shares and
securities and there were no discrepancies noticed on verification
between the stocks tying in Demat Account and the book records.
3) The Company has not granted or taken any loans, secured or
unsecured, to or from any Companies, Firms or other Parties covered in
the register maintained under Section 301 of the Act. Therefore
paragraph 4 (iii) of the Order are not applicable.
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 with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
no! observed any continuing failure to correct major weaknesses in
internal controls
5) a) in our opinion and according to the information and explanations
given to us. the transactions that need lo be entered into the register
maintained under Section 301 of the Companies Act. 1956 have been so
entered.
b) In our opinion and according to the information and explanations
given to us. the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
She Companies Act. 1956 and exceeding the value of Rupees Five Lacs in
respect of any party during the year have been made at prices which are
reasonable having regard 10 prevailing market prices at the relevant
lime.
6) The Company has not accepted any deposits from the public within the
meaning of Section 58A and 56AA or any other relevant provisions of the
Act and the Rules framed there under
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) The Centra) Government of India has not prescribed the maintenance
of cost records under Clause (d) of Sub- Section (1) of Section 209 of
the Companies Act. 1556.
9} a) According to the information and explanations give to us and
according to the books and records as produced and examined by us. in
our opinion, the Company is generally regular in depositing the
undisputed statutory dues including provident fund, investor education
and protection fund, employees state insurance, income-tax. wealth
tax. service tax and other matenal statutory dues as applicable with
the appropriate authorities. There are no outstanding dues in respect
of the above items, which are more than six months as at the Balance
Sheet date.
b) According to the information and explanations given to us and
according to the books and records as produced and examined by us,
there are no dues of income tax, service tax, wealth tax and cess etc.
which have not been deposited on account of any dispute
10) The Company has no accumulated losses as at 31s; March. 2010 and
it has not incurred any cash tosses in the Immediately preceding
financial year
11) According to the records of the Company examined by us and the
information and explanations given to us. the Company has not defaulted
in repaymeni of dues to any bank. The Company has neither taken any
loans from a financial institution nor issued any debentures.
12) In our opinion and according to the information and explanations
give to us and according to the books and records as produced and
examined by us. the Company has not granted any loans and advances on
the basis of security by way of pledged of shares, debentures and other
securities.
13) The provisions of any special statute applicable to Chit Fund I
Nidhi / Mutual Fund / Societies are not applicable to the Company
Accordingly clause 4(xiii) of the Order is not applicable.
14} In our opinion and according to the information and explanations
given to us and according to the books and records as produced and
examined by us. the Company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities. debentures and other investments during the year and
timely entries have been made therein and such securities have been
held by the Company In its own name.
15) In our opinion, and according to the information and explanations
given to us. the Company has not given any guarantee for loans laken by
others from banks or financial institutions during the year.
16) In our opinion and according to the information and explanations
given to us and according to the books and records as produced and
examined by us, the Company has not obtained any term loans.
17) According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company in our opinion
and according to the information and explanations given to us. there
are no funds raised on a short term basis which have been used tor long
term Investment.
18) According lo the information and explanations given to us. the
Company has not made any preferential allotmenl of shares to parties
and Companies covered in the register maintained under Section 301 of
the Companies Act, 1956 during the year.
19) The Company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable
20) The Company has not raised any money by public issues during the
year
21) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, we have come across one instance of fraud
reported during the year amounting to Rs, 49.50.000/- due to encashment
of cheques by unknown entity. However the amount was recovered
immediately by the company during the year
For BANSHI JAIN & ASSOCIATES
Chartered Accountants
PARAG JAIN
Partner
Membership No. 78548
Mumbai, 31st May 2010