Mar 31, 2015
We have audited the accompanying financial statements of JRI Industries
& Infrastructure Limited ("The Company"), which comprises of balance
sheet as at 31st March 2015, the statement of profit and loss account
and the cash flow statement for the year ended on that date annexed
thereto and summary of significant accounting policies and explanatory
information.
Management's responsibility for the Financial Statements
The Company's Board of Directors is Responsible for the state in
Sub-Section (5) of Section 134 of the Companies Act,2013 ("the Act")
with respect to the presentation of these financial statements given a
true and fair view on the financial position, financial performance and
cash flow statements of the company in accordance with the accounting
principal generally accepted in India, including Accounting Standards
prescribed in Section 133 of the Act, read with Rule 7 of the Companies
Accounting (Rule),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. Section and application of
appropriate accounting policies; making a judgement and estimates that
are reasonable and prudent; and the design, implementation and
maintenance on 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.
Auditors' Responsibilities
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act and the Rules made
there under including the accounting standards and matters which are
required to be included in the audit report.
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 amount and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgements, including the
assessments of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, that auditor considers internal financial control relevant
to the company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. 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 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 along with
the notes thereon 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 flow for the year ended on that date.
Report on other legal and Regulatory Requirements
As required by 'the Companies (Auditor's report) order, 2015' issued by
the Central Government of India in terms of sub-section (11) of the
Section 143 of the Act ("the order"), and on basis of such checks of
the books and records of the Company as we consider appropriate and
according to the information and explanation given to us, we enclose in
the Annexure a statement on the matters specified in paragraph 3 and 4
of the said order.
Further as required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanation
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from our examination of
the books of accounts.
c) The Balance Sheet, the Statements of Profit and Loss, and the Cash
Flow Statements dealt with by this Report are in agreement with the
books of accounts.
d) In our opinion, the aforesaid financial statements company with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) The going concern matter described in sub-paragraph (b) under the
Emphasis of Matters paragraph above, in our opinion, may have an
adverse effect on the functioning of the company.
f) On the basis of the written presentations 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.
g) With respect to the adequacy of the internal financial control over
financial reporting of the Company and operating effectiveness of such
controls, refer to our separate Report in "Annexure A".
h) With respect to the other matter 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 explanation given to us:
i. The Company does not have any pending litigation which would impact
its financial position
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to
the investor Education and protection Fund by the Company.
ANNEXURE TO THE AUDITORS' REPORT ON THE FINANCIAL STATEMENT FOR THE
YEAR ENDED 31ST MARCH, 2015 OF JRI INDUSTRIES & INFRASTRUCTURE LIMITED
1. In respect of Fixed Assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, 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
physical verification.
2. In respect of Inventories:
a) The nature of inventory held by the Company does not demand for
physical verification and hence, clause 3(ii)(a) and 3(ii)(b) of the
Companies (Auditor's Report ) Order, 2015 are not applicable..
b) As explained, the Company has been maintaining proper records of the
inventory and no material discrepancies where noticed in relation to
it.
3. In respect of loans, secured or unsecured, granted to Companies,
firms or other parties covered in the register maintained under Section
189 of the Companies Act, 2013;
a) The Company has not granted any loans to such parties during the
year and hence the question of regular receipt of principal amount and
interest does not arise.
b) The Company had taken unsecured loans, from one individual party and
one company covered in the register maintained under Section 301 of the
Companies Act, 1956. In respect of individual the maximum amount
involved during the year was Rs. 3.41 Lakhs and the year end balance of
loans taken was Rs. 3.41 Lakhs. In respect of Company the maximum
amount involved during the year was Rs. 0.92 Lakhs and the year end
balance of loans taken was Rs. 0.92 Lakhs
c) In our opinion and according to the information and explanations
given to us, the terms and conditions of such unsecured Loan taken were
not prejudicial to the interest of the Company. There is no instance of
overdue amount of Rupees One Lakh
4. In our opinion, and according to the information and explanations
given to us, there exist adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to sale of goods and services. During the course of our audit,
no major weakness has been noticed in the internal controls.
5. In our opinion and explanation given to us, during the year the
Company has not accepted any deposits to which the directives of the
Reserve Bank or provisions of Section 73 to 76 or any other relevant
provisions of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014 framed there under would apply.
6. The Central Government has not prescribed maintenance of cost
records under sub-section (1) of Section 148 of the companies Act, 2013
for any of the services of the Company.
7. a) According to the information given to us and the records of the
Company examined by us, the Company is regular in depositing the
undisputed statutory dues including provident fund, employee's state
insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise
Duty, Service Tax, Investor Education and Protection Fund and any other
statutory dues as at 31st March 2015.
b) According to the information and explanation given to us and the
records of the Company examined by us, there are no dues of income tax,
Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Service Tax and no
statutory dues required to be deposited on account of any dispute,
except the following:
Name of Period to Forum where Amount in
Statute which amount dispute is Rupees
(Nature of relates pending
Dues)
Income Tax A. Y. 2011 -12 Commission rate 697840
c) 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 (1 of 1956) and rules made there
under has been transferred to such fund within time.
8. The Company is registered for a period of not less than five years
but the Company has no accumulated losses at the end of the financial
and it has not incurred cash losses in the current and immediately
preceding financial year.
9. The Company has neither taken any loan from banks and financial
institutions nor issued any debentures hence the question of default in
repayment of dues does not arise.
10. As per the explanation and information given to us, the Company
has not given any guarantee for loans taken by others from bank or
financial institutions.
11. The Company has not raised any term loans during the year
12. During the course of our examination of books and records of the
Company and according to the information and explanations given by the
management, we have neither come across any instance of material fraud
on or by the Company, noticed or reported during the year, nor have we
been informed of any such case by the Management.
For BMS JD & Associates
Chartered Accountants
(Firm Registration No. 121714W)
Sd/-
Vaibhav K Doshi
Partner
Membership No. 110039
Place: Mumbai
Date:30.05.2015
Mar 31, 2014
We have audited the accompanying financial statements of JRI Industries
& Infrastructure Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2014, the Statement of Profit and Loss for the
year then ended and Cash Flow Statement for the year ended on that
date, and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and Cash Flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
AAn 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 judgement, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, of the profit/ loss for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Act and on the basis of such checks of books and records as were
considered appropriate and according to the information and
explanations given to us during the course of the audit, we enclose in
the Annexure a statement on the matters specified in paragraph 4 & 5 of
the said Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet and 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 and Statement of Profit and Loss
and Cash Flow Statement, comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Act read with the General
Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013..
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT''S
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF JRI INDUSTRIES & INFRASTRUCTURE LIMITED ON THE FINANCIAL
STATEMENTS FOR THE YEAR ENDED MARCH 31, 2014.
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) According to the information and explanations given to us, 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) There was no substantial disposal of Fixed Assets during the year.
2.
a) The procedures of verification followed by the management are
reasonable and adequate in relation to the size of the Company and the
nature of its business.
b) The Company is maintaining proper records of Inventory.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has not granted Loans during the year to any parties
covered in the register maintained under section 301 of the Companies
Act, 1956
b) The Company had taken unsecured loans, from one individual party and
one company covered in the register maintained under Section 301 of the
Companies Act, 1956. In respect of individual the maximum amount
involved during the year was Rs. 3.41 Lakhs and the year end balance of
loans taken was Rs. 3.41 Lakhs. In respect of Company the maximum
amount involved during the year was Rs. 0.92 Lakhs and the year end
balance of loans taken was Rs. 0.92 Lakhs.
c) In our opinion and according to the information and explanations
given to us, the terms and conditions of such unsecured Loan taken were
not prejudicial to the interest of the Company.
4. 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
regards to sale of goods and services. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal control system.
5. In our opinion and according to the information and explanations
given to us, there were no contracts or arrangements during the year,
referred to in Section 301 of the Act, that need to have been entered
in the register maintained under that section. Accordingly, clause 4
(v) (a) and (b) of the Order are not applicable to the Company.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public and consequently,
the directives issued by the Reserve Bank of India and the provisions
of Section 58A, 58AA or any other relevant provisions of the Companies
Act, 1956 and the rules framed there under are not applicable.
7. In our Opinion, the Company has an adequate Internal Audit System
Commensurate with the size and nature of its Business.
8. As explained to us, maintenance of Cost Records has not been
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956.
9. a) According to the information and explanations given to us, and
on the basis of our examination of the books of account, The Company
has generally been regular in depositing undisputed statutory dues
including Income Tax, Value Added Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, Investor Education and Protection fund, and any
other material statutory dues, as applicable to it and there is no
outstanding as on March 31, 2014 for a period of more than Six Months
from the date they became payable.
b) According to the information and explanations given to us, there are
no dues in respect of Income Tax, Value Added Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, and cess that have not been deposited
with the appropriate authorities on account of any dispute, except for
the following.
Name of Statute Period to which Forum where Amount in
(Nature of Dues) amount relates dispute is pending Rupees
Income Tax A. Y. 2011-12 Commissionarate 697840
10. The Company''s accumulated losses at the end of the financial year
are less than fifty one percent of its net worth. The company has not
incurred any cash losses in the current year and has not incurred any
cash losses in the immediately preceding financial year.
11. The Company has not borrowed any fund from financial institutions,
banks or debenture holders and therefore clause 4(xi) of the order is
not applicable.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities
and therefore clause 4(xii) of the order is not applicable.
13. The Company is not a chit fund or a Nidhi / Mutual Benefit Fund/
Society and therefore clause 4(xiii) of the order is not applicable.
14. The Company has maintained proper records of the transactions and
contracts of the investments dealt in by the Company and timely entries
have been made therein. The investments made by the Company are held in
its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions and therefore clause 4(xv) of the
order is not applicable.
16. The Company not obtained any term loans and therefore clause
4(xvi) of the order is not applicable.
17. The Company has not raised any fund on short-term basis and
therefore clause 4(xvii) of the order is not applicable.
18. During the year the Company has not made any Preferential
Allotment of Shares to parties or companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures and therefore clause
4(xix) of the order is not applicable.
20. The Company has not raised any money by way of public issue and
therefore clause 4(xx) of the order is not applicable.
21. During the year no fraud on or by the Company has been noticed or
reported and therefore clause 4(xxi) of the order is not applicable.
For BMS JD & Associates
Chartered Accountants
(Firm Registration No. 121714W)
Sd/-
Vaibhav K Doshi
Partner
Membership No. 110039
Place: Mumbai
Date: 30.05.2014
Mar 31, 2012
1) We have audited the attached Balance Sheet of JRI Industries &
Infrastructure Limited as at March 31, 2012 and also the Statement of
Profit and Loss and the Cash Flow Statement for the year ended on that
date, both annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2) We conducted our audit in accordance with 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 the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3) As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India In terms of Section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks of books and
records as were considered appropriate and according to the information
and explanations given to us during the course of the audit, we enclose
in the Annexure a statement on the matters specified in paragraph 4 & 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, Statement of Profit & Loss and the Cash Flow
Statement dealt with 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 dealt with by this report are in compliance
with the Accounting Standards referred to in sub- section (3C) of
Section 211 of the Companies Act, 1956.
e. On the basis of written representation received from the directors,
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on 31st March 2012 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 read
together with the Significant Accounting Policies and notes thereon
give the information required by the Companies Act, 1956, in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
I. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012;
II. in the case of Statement of Profit and Loss, of the profit of the
Company for the year ended on that date; and
III. in the case of Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORTS
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF JRI
INDUSTRIES & INFRASTRUCTURE LIMITED ON THE FINANCIAL STATEMENTS FOR THE
YEAR ENDED MARCH 31, 2012
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) According to the information and explanations given to us, 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) There was no substantial disposal of Fixed Assets during the year.
2. There is no inventory and therefore clause 4(ii) of the order is
not applicable.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has not granted Loans during the year to any parties
covered in the register maintained under section 301 of the Companies
Act, 1956
b) The Company had taken unsecured loans, from one individual party and
one company covered in the register maintained under Section 301 of the
Companies Act, 1956. In respect of individual the maximum amount
involved during the year was Rs. 3.10 Lakhs and the year end balance of
loans taken was Rs. 3.10 Lakhs. In respect of Company the maximum
amount involved during the year was Rs. 0.62 Lakhs and the year end
balance of loans taken was Rs. 0.92 Lakhs.
c) In our opinion and according to the information and explanations
given to us, the terms and conditions of such unsecured Loan taken were
not prejudicial to the interest of the Company.
4. 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
regards to sale of goods and services. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal control system.
5. In our opinion and according to the information and explanations
given to us, there were no contracts or arrangements during the year,
referred to in Section 301 of the Act, that need to have been entered
in the register maintained under that section. Accordingly, clause 4
(v) (a) and (b) of the Order are not applicable to the Company.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public and consequently,
the directives issued by the Reserve Bank of India and the provisions
of Section 58A, 58AA or any other relevant provisions of the Companies
Act, 1956 and the rules framed there under are not applicable.
7. In our Opinion, the Company has an Internal Audit System
Commensurate with the size and nature of its Business.
8. As explained to us, maintenance of Cost Records has not been
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956.
a) According to the information and explanations given to us, and on
the basis of our examination of the books of account, The Company has
generally been regular in depositing undisputed statutory dues
including Income Tax, Value Added Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, Investor Education and Protection fund, and any
other material statutory dues, as applicable to it and there is no
outstanding as on March 31, 2012 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 dues in respect of Income Tax, Value Added Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, and cess that have not been deposited
with the appropriate authorities on account of any dispute.
10. The Company's accumulated losses at the end of the financial year
are less than fifty one percent of its net worth. The company has not
incurred any cash losses in the current year and has not incurred any
cash losses in the immediately preceding financial year.
11. The Company has not borrowed any fund from financial institutions,
banks or debenture holders and therefore clause 4(xi) of the order is
not applicable.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities
and therefore clause 4(xii) of the order is not applicable.
13. The Company is not a chit fund or a Nidhi / Mutual Benefit Fund/
Society and therefore clause 4(xiii) of the order is not applicable.
14. The Company has maintained proper records of the transactions and
contracts of the investments dealt in by the Company and timely entries
have been made therein. The investments made by the Company are held in
its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions and therefore clause 4(xv) of the
order is not applicable.
16. The Company not obtained any term loans and therefore clause
4(xvi) of the order is not applicable.
17. The Company has not raised any fund on short-term basis and
therefore clause 4(xvii) of the order is not applicable.
18. In respect of preferential allotment of shares to parties and
companies covered in the Register maintained under section 301 of the
Act:
a) The Company has made an allotment of 1099500 equity shares on
conversion of warrants, which were earlier allotted on preferential
basis to such parties and companies.
b) In our opinion and according to the information and explanations
given to us, the price at which shares and warrants have been issued is
not prejudicial to the interest of the Company.
19. The Company has not issued any debentures and therefore clause
4(xix) of the order is not applicable.
20. The Company has not raised any money by way of public issue and
therefore clause 4(xx) of the order is not applicable.
21. During the year no fraud on or by the Company has been noticed or
reported and therefore clause 4(xxi) of the order is not applicable.
For BMS JD & Associates
Chartered Accountants
(Firm Registration No. 121714W)
sd/-
Vaibhav K Doshi
Partner
Membership No. 110039
Place: Mumbai
Date: 14.08.2012
Mar 31, 2011
1) We have audited the attached Balance Sheet of JRI Industries &
Infrastructure Limited as at March 31, 2011 and also the Profit and
Loss Account and the Cash Flow Statement for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
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 the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3) As required by the Companies (Auditor's Report) order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks of books and
records as were considered appropriate and according to the information
and explanations given to us during the course of the audit, we enclose
in the Annexure a statement on the matters specified in paragraph 4 & 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 & Loss account and the Cash Flow
Statement dealt with this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet and Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.
e. On the basis of written representation received from directors, and
taken on record by the Board of Directors, we report that none of the
directors is disqualified as on 31st March 2011 from being appointed as
a Director in terms of clause (g) of sub-section (1) of Section 274 of
the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and notes thereon give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
I. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2011;
II. in the case of the Profit and Loss Account, of the profit for the
year ended on that date.
III. in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITOR'S REPORT
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF JRI INDUSTRIES & INFRASTRUCTURE LIMITED ON THE FINANCIAL
STATEMENTS FOR THE YEAR ENDED MARCH 31, 2011
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) According to the practice of the Company, fixed assets are
physically verified by the management in accordance with the phased
verification program, which in our opinion is reasonable having regards
to the size of the Company and the nature of its fixed assets. To the
best of our knowledge no material discrepancies have been noticed on
such verification.
c) The Company has not disposed off any substantial part of its fixed
assets so as to affect its status as going concern.
2. There is no inventory and therefore clause 4(ii) of the order is
not applicable.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has not granted Loans during the year to any parties
covered in the register maintained under section 301 of the Companies
Act, 1956
b) The Company had taken unsecured loans, from one individual party and
one company covered in the register maintained under Section 301 of the
Companies Act, 1956. In respect of individual the maximum amount
involved during the year was Rs.2.80 Lakhs and the year end balance of
loans taken was Rs.2.80 Lakhs. In respect of Company the maximum
amount involved during the year was Rs.0.62 Lakhs and the year end
balance of loans taken was Rs.0.62 Lakhs.
c) In our opinion and according to the information and explanations
given to us, the terms and conditions of such unsecured Loan taken were
not prejudicial to the interest of the Company.
4. 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 for the
purchases of inventory and fixed assets and for 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 control
system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered in 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 /
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs.5,00,000 in
respect of each party during the year have been made at prices which
appear reasonable as per information available with the Company.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. In our Opinion, the Company has an Internal Audit System
Commensurate with the size and nature of its Business.
8. As explained to us, maintenance of Cost Records has not been
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956.
9. a) The Company has been regular in depositing undisputed statutory
dues including provident fund, investor education and protection fund,
employees state insurance, income tax, value added tax, wealth tax,
service tax, custom duty, excise duty, cess and other statutory dues,
as applicable to it, with the appropriate authorities.
The Company has no undisputed amounts payable in respect of provident
fund, investor education and protection fund, employees state
insurance, income tax, value added tax, wealth tax, service tax, custom
duty, excise duty, cess and other statutory dues, as applicable to it,
as at March 31, 2011 for the period of more than six months from the
date they become payable.
b) The Company has no disputed amount payable in respect of income tax,
value added tax, wealth tax, service tax, custom duty, excise duty cess
and other statutory dues, as applicable to it, which have not been
deposited on account of any dispute.
10. The company's accumulated losses at the end of the financial year
are less than fifty one percent of its net worth. The company has not
incurred any cash losses in the current year and has not incurred any
cash losses in the immediately preceding financial year.
11. The Company has not borrowed any fund from financial institutions,
banks or debenture holders and therefore clause 4(xi) of the order is
not applicable.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities
and therefore clause 4(xii) of the order is not applicable.
13. The Company is not a chit fund or a nidhi / mutual benefit fund/
society and therefore clause 4(xiii) of the order is not applicable.
14. The Company has maintained proper records of the transactions and
contracts of the investments dealt in by the Company and timely entries
have been made therein. The investments made by the Company are held in
its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions and therefore clause 4(xv) of the
order is not applicable.
16. The Company not obtained any term loans and therefore clause
4(xvi) of the order is not applicable.
17. The Company has not raised any fund on short-term basis and
therefore clause 4(xvii) of the order is not applicable.
18. In respect of preferential allotment of shares to parties and
companies covered in the Register maintained under section 301 of the
Act:
a) The Company has made an allotment of 120000 equity shares on
conversion of warrants, which were earlier allotted on preferential
basis to such parties and companies.
b) In our opinion and according to the information and explanations
given to us, the price at which shares and warrants have been issued is
not prejudicial to the interest of the Company.
19. The Company has not issued any debentures and therefore clause
4(xix) of the order is not applicable.
20. The Company has not raised any money by way of public issue and
therefore clause 4(xx) of the order is not applicable.
21. During the year no fraud on or by the Company has been noticed or
reported and therefore clause 4(xxi) of the order is not applicable.
For Narendra Samar & Co.
Chartered Accountants
Sd/-
Narendra Samar
Proprietor
Membership No. 119521
Place: Mumbai
Date : 03.08.2011
Mar 31, 2010
1) We have audited the attached Balance Sheet of Jalgaon Re-Rolling
Industries Limited as at March 31, 2010 and also the Profit and Loss
Account and the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements 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 the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3) As required by the Companies (Auditors Report) order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks of books and
records as were considered appropriate and according to the information
and explanations given to us during the course of the audit, we enclose
in the Annexure a statement on the matters specified in paragraph 4 & 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 & Loss account and the Cash Flow
Statement dealt with this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet and Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
with the Accounting Standards referred to in subÃsection (3C) of
Section 211 of the Companies Act, 1956.
e. On the basis of written representation received from directors, and
taken on record by the Board of Directors, we report that 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 accounts read together with the
Significant Accounting Policies and notes thereon give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
I. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010;
II. in the case of the Profit and Loss Account, of the profit for the
year ended on that date.
III. in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS REPORTS
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT O EVEN DATE TO THE
MEMBERS OF JALGAON RE-ROLLIN INDUSTRIES LIMITED ON THE FINANCIAL
STATEMENTS FOR THE YEAR ENDED MARCH 31, 2010
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) According to the practice of the Company, fixed assets are
physically verified by the management in accordance with the phased
verification program, which in our opinion is reasonable having regards
to the size of the Company and the nature of its fixed assets. To the
best of our knowledge no material discrepancies have been noticed on
such verification.
c) The Company has not disposed off any substantial part of its fixed
assets so as to affect its status as going concern.
2. There is no inventory and therefore clause 4(ii) of the order is
not applicable.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has taken unsecured loans, from one individual party and
one company, covered in the register maintained under Section 301 of
the Companies Act, 1956. In respect of the said loans, the maximum
amount outstanding at any time during the year is Rs. 27,86,937/- And
the year end is 61,937/-.
b) The Company has not granted or taken Loans during the year form any
parties covered in the register maintained under section 301 of the
Companies Act, 1956
c) In our opinion and according to the information and explanations
given to us, the terms and conditions of such unsecured Loan taken were
not prejudicial to the interest of the Company.
4. 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 for the
purchases of inventory and fixed assets and for 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 control
system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered in 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 /
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in
respect of each party during the year have been made at prices which
appear reasonable as per information available with the Company.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. In our Opinion, the Company has an Internal Audit System
Commensurate with the size and nature of its Business.
8. As explained to us, maintenance of Cost Records has not been
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956.
9. a) The Company has been regular in depositing undisputed statutory
dues including provident fund, investor education and protection fund,
employees state insurance, income tax, value added tax, wealth tax,
service tax, custom duty, excise duty, cess and other statutory dues,
as applicable to it, with the appropriate authorities.
The Company has no undisputed amounts payable in respect of provident
fund, investor education and protection fund, employees state
insurance, income tax, value added tax, wealth tax, service tax, custom
duty, excise duty, cess and other statutory dues, as applicable to it,
as at March 31, 2010 for the period of more than six months from the
date they become payable.
b) The Company has no disputed amount payable in respect of income tax,
value added tax, wealth tax, service tax, custom duty, excise duty cess
and other statutory dues, as applicable to it, which have not been
deposited on account of any dispute.
10. The companys accumulated losses at the end of the financial year
are less than fifty one percent of its net worth. The company has not
incurred any cash losses in the current year and has incurred cash loss
of Rs. 2103/- in the immediately preceding financial year.
11. The Company has not borrowed any fund from financial institutions,
banks or debenture holders and therefore clause 4(xi) of the order is
not applicable.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities
and therefore clause 4(xii) of the order is not applicable.
13. The Company is not a chit fund or a nidhi / mutual benefit fund/
society and therefore clause 4(xiii) of the order is not applicable.
14. The Company has maintained proper records of the transactions and
contracts of the investments dealt in by the Company and timely entries
have been made therein. The investments made by the Company are held in
its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions and therefore clause 4(xv) of the
order is not applicable.
16. The Company not obtained any term loans and therefore clause
4(xvi) of the order is not applicable.
17. The Company has not raised any fund on short-term basis and
therefore clause 4(xvii) of the order is not applicable.
18. In respect of preferential allotment of shares to parties and
companies covered in the Register maintained under Section 301 of the
Act:
a) The Company has made preferential allotment of 749,000 shares and
preferential allotment of 1,219,500 warrants to such parties and
companies.
b) In our opinion and according to the information and explanations
given to us, the price at which shares and warrants have been issued is
not prejudicial to the interest of the Company.
19. The Company has not issued any debentures and therefore clause
4(xix) of the order is not applicable.
20. The Company has not raised any money by way of public issue and
therefore clause 4(xx) of the order is not applicable.
21. During the year no fraud on or by the Company has been noticed or
reported and therefore clause 4(xxi) of the order is not applicable.
For Narendra Samar & Co.
Chartered Accountants
Narandra Samar
Proprietor
Membership No. 119521
Place: Mumbai
Date: 12.08.2010
Mar 31, 2009
We have audited the attached Balance sheet of JRI Industries &
Infrastructure Ltd as at 31st March, 2009 and also the Profit and Loss
Account of the Company for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standard generally
accepted in India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An Audit Includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing, the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for opinion.
1. As required by the manufacturing and other companies (Auditor''s
Report) Order 1988 issued by the Companies Act 1956 and as per the
information and explanations furnished to us and the books and records
examined by us in the normal course of Audit, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said order.
2. Further to our comments in the Annexure referred to in paragraph 1
above we report that
a) We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion proper books of accounts as required by law have been
kept by the company so far as appears from our examination of these
books.
c) The attached balance sheet and profit and loss account are in
agreement with the books of accounts.
d) In our opinion, the Balance Sheet and the Profit and Loss Account
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, 2009 and taken on record by the Board of Directors,
we report that none of the Directors of the company is disqualified as
on 31st March, 2009 form being appointed as a directors in terms of
clause (g) of sub-Sections (i) of section 274 of the Companies Act,
1956.
f) In our opinion and to the best of our information and according to
explanation given to us, the said statement of accounts, read together
with the notes thereon give the information required by the Companies
act. 1956 in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India.
i) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2009.
ii) In the case of the Profit and Loss Account of the Profit of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Statement referred to in paragraph 1 of our report of even date to the
members of JALGAON RE- ROLLING INDUSTRIES LTD. on the accounts for the
year ended 31st March, 2009.
1. (a) The company has maintained proper records showing full
particulars including Quantitative details and situation of its Fixed
Assets.
(b) As explained to us the fixed assets have been physically verified
by the management during the year which in our opinion is at reasonable
intervals having regards to the Company and the nature of its business.
(c) We are informed that no normal discrepancies were noticed by
management on such verification a compared with the aforesaid records
of fixed assets.
2. (a) Inventory has been physically verified by the management during
the year. In our opinion the frequency of verification is reasonable.
(b) In our opinion, the procedures of physically 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) On the basis of our examination of the inventory record, in our
opinion, the company is maintaining proper record of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
3. (a) The company has neither granted nor taken any loans to and from
companies, firms or other parties covered in the register maintained
under section 301 of the companies Act.1956.
(b) The rate of interest and other terms and condition in respect of
unsecured loans given by the company are in our opinion, prima facie
not prejudicial to the interest of the company.
(c) In respect of such loans given by the company, where stipulation
have been made, they have repaid the principal amounts as stipulated
and have been regular in payment of interest, where applicable.
(d) In respect of such loans given by the company, there are no overdue
amount more than Rs. 100000/-.
4. In our opinion and according to the information and explanation
given to us there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business with regard to purchase of fixed assets and the sale of Steel
Products. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control.
5. (a) In our opinion and according to the information and explanation
given to us the transaction made in purchase of contracts or
arrangements, that needed to be entered in 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 explanation
given to us, there are no transaction made in pursuance of such
contracts or arrangement s and exceeding Rs. Five Lakhs in respect of
any party during the year, which have been made at price which are not
reasonable having regard to the prevailing market price at the relevant
time.
6. In our opinion and according to the information and explanation
given to us the company has not accepted any deposits from public
during the year falling, under the provisions of section 58(A) and 58
(AA) of the companies Act.1956 read with companies (Acceptance of
Deposits) rules 1975.
7. The Company''s paid up capital and reserves exceed rupees 50 Lakhs
as at the commencement of the financial year. It has an internal audit
system commensurate with its size and nature of its business.
8. As informed to us the central Government has not prescribed
maintenance of cost records under section 209(1) (d) of the Companies
Act.1956 in respect of any product.
9. (a) According to the records of the company undisputed statutory
dues including Provident fund, investor Education and Protection fund,
Employees state Insurance, Income tax, wealth Tax, Custom Duty, Excise
Duty, Cess and other statutory dues have been generally regularly
deposited with the appropriates.
(b) According to the information and explanation given to us no
undisputed amounts payable In respect of the aforesaid dues were
outstanding as at 31st March, 2009 for a period of More than six months
from the date of becoming payable.
10. In our opinion and according to information and explanations given
to us the Company Does have accumulated losses at the end of the
financial year. The Company has not incurred cash losses except for Rs.
2103 during the financial year and the immediately preceding financial
year.
11. In our opinion and according to information and explanation given
to us the company has not defaulted in repayment of dues to banks,
financial institution or debenture holders.
12. In our opinion and according to information and explanations given
to us the company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion and according to information and explanation given
to us the company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore the provisions of clause 4(xiii) of the said order
are not applicable to the company.
14. In our opinion and according to information and explanations given
to us the Company does not deal in commodities.
15. In our opinion and according to information and explanations given
to us the company has not given any guarantee for loans taken by others
form banks or financial institutions.
16. Based on the information and explanation given to us by the
management, term loans were applied for the purpose for which the loans
were obtained.
17. In our opinion and according to information and explanation given
to us the Company has not used funds raised on short term basis for
long term investment or vice versa during the year.
18. In our opinion and according to information and explanations given
to us the Company has not made any preferential allotment of share to
parties and companies covered in the Register maintained under section
301 of the act during the year.
19. In our opinion and according to information and explanation given
to us the Company has not issued any debenture hence the question of
creating any securities in respect of the same does not arise.
20. In our opinion and according to information and explanation given
to us the Company has not raised any money by public issues during the
year hence the question its end use does not arise.
21. In our opinion and according to information and explanation given
to us no fraud on or by the Company does been noticed or reported
during the year.
For RASHMI SHAH & ASSOCIATES
CHARTERED ACCOUNTANTS
S/d-
PROPRIETOR
PLACE: MUMBAI
DATE: 18th JULY, 2009.