Mar 31, 2015
1. We have audited the accompanying financial statements of Jainco
Projects (India) Limited (" the Company") which comprise the Balance
Sheet as at March 31, 2015, the Statement of Profit and Loss, the Cash
Flow statement for the year then ended, and a summary of significant
accounting policies and other explanatory
2. Management Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the companies Act, 2013('the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flow of
the company in accordance with the accounting principles generally
accepted in India, including the Accounting Standard 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 control 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' Responsibility
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 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 and
pronouncement require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditors judgment including the
assessment of the risk s of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls . An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors ,as well as
evaluating the overall presentation n 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.
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, of the state of affairs of the company as at March 31, 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 ("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 paragraph 3 and 4 of the order.
1. As required by section 143(3) of the Act, we report that:
a) We have sought 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 the Cash
flow statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid financial Statement 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 written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Act.
f) With respect to the other matters to be included in the Auditors
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 major pending litigations as at March
31, 2015which 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) the Company was engaged in the business of multi-products
iv) there were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company during the year
end.
The Annexure referred to in our report to the members of JAINCO
PROJECTS (India) LTD. for the year ended on March 31, 2015. We report
that:
(i) (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b)The fixed assets have been physically verified by the management at
reasonable intervals and in our opinion it is reasonable considering
the size of company and nature of asset no such material discrepancies
were noticed on such verification and if so, the same have been
properly dealt with in the books of account;
(ii) (a)As explained to us, the inventories of stock in trade were
maintained in demat account & physical and verified at regular
intervals by the Management.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) In our opinion the company is maintaining proper records of
inventory and if any material discrepancies were noticed on physical
verification, the same have been properly dealt with in the books of
account
(iii) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act.
(iv) In our opinion, and accordance to the information and explanation
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
purchase of inventory and fixed assets and for the sale of goods and
services. Further on the basis of our examination , we have not came
across , nor have been informed of , any continuing failure to correct
major weaknesses in internal control system.
(v) The company has not accepted deposits, from the public within the
meaning of sections 73 and 74 or any other relevant provisions of the
Companies Act and the rules framed there under.
(vi) Maintenance of cost records has not been specified by the Central
Government under sub-section (1) of section 148 of the Companies Act.
(vii) (a) According to our information and explanation given to us and
as per the records of the company, the company has been generally
regular in depositing the undisputed statutory dues including provident
fund, employees' state insurance, income-tax, sales-tax, wealth tax,
service tax, duty of customs, duty of excise, value added tax, cess and
any other statutory dues with the appropriate authorities. There are no
arrears of undisputed statutory dues of material nature outstanding for
a period of more than six months
(b) In case of dues of income tax or sales tax or wealth tax or service
tax or duty of customs or duty of excise or value added tax or cess
have not been deposited on account of any dispute, then the amounts
involved and the forum where dispute is pending have been mentioned
below-
Name of Statute Nature of Dues Amount Involved
Income Tax Act 1961 Income Tax/Interest Demand Raised Rs
/Penalty A Y 2012-13 877280/-
Income Tax Act 1961 Income Tax/Interest Demand Raised Rs
/Penalty A Y 2011-12 1205660/-
Name of Statute Forum where demand is
pending
Income Tax Act 1961 Income Tax Department's
-Commissioner(Appeals)
Income Tax Act 1961 Income Tax Department's
-Commissioner(Appeals)
(c) According to the information and explanations given to us, there
were no amounts which required to be transferred by the Company to the
Investor Education and Protection Fund.
(viii) The company has no accumulated losses at the end of the
financial year and it has not incurred any cash losses in such
financial year and in the immediately preceding financial year;
(ix) According to the records of the company examined by us, the
company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders as at balance sheet date.
(x) the company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xi) In our opinion, and accordance to the information and explanation
given to us, the term loans have been applied, on an overall basis for
the purpose for which the loans were obtained.
(xii) In our opinion, and accordance to the information and explanation
given to us, we have not came across any instance of material fraud on
or by the company noticed or reported during the year, nor have been
informed of any such case by the management.
For Sarkar Gurumurthy & Associates.
Chartered Accountants
F.R. No: 314062E
Parimal Sarkar
Partner
Place: Kolkata Date: 30.05.2015 MembershipNo.051550
Mar 31, 2014
We have audited the accompanying financial statements of Jainco
Projects (India) Limited (" the Company") which comprise the Balance
Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management 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 and
financial performance 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 13th September, 2013 of the Ministry of Company Affairs in
respect of Section 133 of the Companies Act, 2013 and 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
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
As required under para 3 of non-banking financial companies auditor
report (Reserve Bank) Directions, 2008 we state as under:
I. The company is engaged in the business of non-banking financial
institution and it has obtained the Certificate of Registration (CoR)
from the RBI.
II. The company is entitled to continue to hold CoR in terms of its
Asset/Income pattern as on 31.03.2014
III. The non-banking financial company is not an Asset Financial
Company as defined in Non-Banking Financial Companies Acceptance of
Public Deposits (Reserve Bank) Directors, 1998 with reference to the
business carried on by it during the applicable financial year.
IV. The Board of Director of the company has passed a resolution for
the Non Acceptance of any public Deposit.
V. The company has not accepted any Public Deposit during the
Financial year ended on 31st March 2014.
VI. The company has complied with the prudent norms relating to income
recognition accounting standards, assets classification and
provisioning for bad and doubtful debts as application to it in terms
of Non-Banking Financial (Non Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directors, 2007.
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 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 purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section 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) As explained to us the fixed assets have been physically verified
by the management during the year in a phased / Periodical manner which
in our opinion is reasonable having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, Company has not disposed of any substantial/major
part of fixed asset, so the question of going concern status being
affected does not arise.
2. (a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of inventory. As
explained to us there were no materials discrepancies noticed on
Physical verification of inventory as compared to the book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of accounts, the Company
has not taken any loan from or granted any loan to the parties listed
in the Register maintained under Section 301 of the Companies Act,
1956. Consequently the provisions of clauses iii(b), iii(c), iii(d) and
iii(e) 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 nature of its business
with regard to the purchase of inventory and fixed assets, and with
regard to the sale of goods. During the course of our audit, no major
weakness has been noticed in the internal Controls.
5. (a) Based on audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the companies Act, 1956 need not be entered in the register required to
be maintained under that section as the promoter director holds less
than 2% of the paid up share capital of the other company.
(b) According to the information and explanations given to us, there
are no transactions of purchase of goods and material in excess of Rs.
5 Lacs during the year with the parties covered under section 301 of
the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within provisions of Section 58A and 58AA of the- Companies Act, 1956
and rules there under. Therefore, the provisions of clause (vi)
paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
7. In our opinion, the internal audit system does not commensurate
with the size and nature of its business. However, as informaed, the
said system would be strenghth end in the current year.
8. We have broadly reviewed the books of account maintained by the
Company. As explained to us the maintenance of cost records under
Section 209(1 )(d) of the Companies Act, 1956, are not prescribed by
the Central government.
9. According to the records of the Company and explanations given to
us, the Company has been regular in depositing undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Sales Tax, Wealth-Tax, Customs
Duty, Excise Duty, Cess and other Statutory dues with the appropriate
authorities during the year.
10. The Company has not incurred cash losses during current and the
immediately preceding financial year.
11. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to banks.
12. According to the information and explanations given to us the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/Societies are not applicable to the
Company.
14. Based on our audit procedures and to the best of our knowledge and
according to the information and explanations given to us, we are of
the opinion that the Company is maintaining proper record of the
transactions and contracts of dealing in shares and securities and that
timely entries have been made in these records. The shares and
securities have been held by the company in its own name, except to the
exemption, if any, granted under section 49 of the Act.
14. According to the information and explanations given to us, the
company has not given any guarantees for loan taken by others from a
bank of financial institution.
15. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
16. Based on the audit procedures and on the information given by the
management, we report that the company has raised term loans duriong
the year and the same was used for the purpose for which this loan was
taken.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment by the Company and vice-versa on short-term basis have been
used for long-term investment by the Company and vice versa.
18. The Company has not made any preferential allotment to parties and
companies covered under register maintained Under Section 301 of the
Companies, 1956, during the year and question of whether the price at
which the shares have been issued is prejudicial to the interest of the
Company does not arise
19. According to the information and explanations given to us, and the
records examined by us, the Company has not issued any debentures hence
no question of creation of securities.
20. The Company has not raised money by any public issues during the
year and hence the question of disclosure and verification of end use
of such money does not arise.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SARKAR GURUMURTHY & ASSOCIATES
Chartered Accountants
(Firm Registration No. 314062E)
Date: 31STMay 2013 A.K.Ghosh
Place: Kolkata Partner
M.NO.-050693
Mar 31, 2011
We have audited the attached Balance Sheet of JAINCO PROJECTS (INDIA)
LTD. as at 31st March, 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material 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 a significant estimate
made by management, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for our opinion. We report as follows:
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
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in the paragraph 4 and 5 of the said Order.
2. Further to our comments in the annexure referred to in paragraph 1
above:
a.. We have obtained all the information and explanations, which to the
best of our knowledge & 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 the
books;
c. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
flow Statement dealt with by this report Comply with the Accounting
Standards referred to in Sub-Section (3c) of Section 211 of the
Companies Act, 1956.
e. On the basis of the written representations received from Directors
as on 31st March 2011 and taken on record by the Board of Directors of
the Company, none of the Director is disqualified as on 31st March 2011
from being appointed as Directors none of the appointed as Directors in
terms of clause (g) of sub-section (1) of Sec. 274 of the Companies
Act, 1956;
f. In our opinion and to the best of and to the best of our
information and according to the explanations given to us, the said
accounts, read together with the Company's Accounting Policies and the
Notes thereto, 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 Balance Sheet, of the state of affairs of the Company
as at 31st March, 2011;
ii) In the case of the Profit & Loss Account, 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 for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Refer to paragraph 1 of our report of even date)
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
2. As explained to us the fixed assets have been physically verified by
the management during the year in a phased / Periodical manner which in
our opinion is reasonable having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
3. During the year, Company has not disposed of any substantial/major
part of fixed An asset, so the question of going concern status being
affected does not arise.
4. As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
5. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
6. In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of inventory. As
explained to us there were no materials discrepancies noticed on
Physical verification of inventory as compared to the book records.
7. According to the information and explanations given to us, the
Company has not taken any loan from or granted any loan to the parties
listed in the Register maintained under Section 301 of the Companies
Act, 1956.
8. According to the information and explanations given to us, parties
to whom loans and advances in the nature of loans have been given,
where stipulations are made, are repaying the principal amount as
stipulated.
9. According to the information and explanations given to us, there is
no overdue amount of loans granted to the parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
10. 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 nature of its business
with regard to the purchase of inventory and fixed assets, and with
regard to the sale of goods. During the course of our audit, no major
weakness has been noticed in the internal Controls.
11. Based on audit procedures applied by us, to the best of our
knowledge and belief and according to the information and explanations
given to us, we are of the opinion that the transactions that needed to
be entered into the register maintained in pursuance of Section 301
have been so entered.
12. According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements and
exceeding the value of Rupees.
13. Five lakhs in respect of any party during the year have been made
at prices, which are reasonable having a regard to the relevant market
prices at the relevant time.
14. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within provisions of Section 58A and 58AA of the- Companies Act, 1956
and rules there under. Therefore, the provisions of clause (vi)
paragraph 4 of the Companies (Auditor's Report) order, 2003 are not
applicable to the company.
15. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
16. We have broadly reviewed the books of account maintained by the
Company .As explained to us the maintenance of cost records under
Section 209(1 )(d) of the Companies Act, 1956, are not prescribed by
the Central government.
17. According to the records of the Company and explanations given to
us, the Company has been regular in depositing undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales Tax, Wealth-Tax, Customs
Duty, Excise Duty, Cess and other Statutory dues with the appropriate
authorities during the year.
18. The Company has not incurred cash losses during current and the
immediately preceding financial year.
19. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to banks.
20. According to the information and explanations given to us. the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
21. The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/Societies are not applicable to the
Company.
22. Based on our audit procedures and to the best of our knowledge and
according to the information and explanations given to us, we are of
the opinion that the Company is maintaining proper record of the
transactions and contracts of dealing in shares and securities and that
timely entries have been made in these records.
23. Based on our audit procedures and to the best of our knowledge and
belief and according to the information and explanations given to us,
the shares and securities have been held by the Company in its own
name, except to the exemption, if any granted under section 49 of the
Act.
24. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment by the Company and vice versa. on short-term basis have been
used for long-term investment by the Company and vice versa.
25. The Company Has not made any preferential allotment to parties and
companies covered under register maintained Under Section 301 of the
Companies, 1956, during the year and question of whether the price at
which the shares have been issued is prejudicial to the interest of the
Company does not arise
26. According to the information and explanations given to us, and the
records examined by us, the Company has not issued any debentures hence
no question of creation of securities.
27. The Company has not raised money by any public issues during the
year and hence the question of disclosure and verification of end use
of such money does not arise.
28. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SARKAR GURUMURTHY & ASSOCIATES
CHARTERED ACCOUNTANTS
BASUDEB MONDAL
PARTNER
Place: Kolkata
Dated: 31-05-2011
Mar 31, 2010
We have audited the attached Balance Sheet of JAINCO PROJECTS (INDIA)
LTD. as at 31st March, 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material 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 a significant estimate
made by management, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for our opinion. We report as follows:
1. 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, we enclose in the Annexure a statement on the
matters specified in the paragraph 4 and 5 of the said Order.
2. Further to our comments in the annexure referred to in paragraph 1
above:
a.. We have obtained all the information and explanations, which to the
best of our knowledge & 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 the
books;
c. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
flow Statement dealt with by this report Comply with the Accounting
Standards referred to in Sub-Section (3c) of Section 211 of the
Companies Act, 1956.
e. On the basis of the written representations received from Directors
as on 31st March 2010 and taken on record by the Board of Directors of
the Company none of the Director is disqualified as on 31st March 2010
from being appointed as Directors none of the appointed as Directors in
terms of clause (g) of sub-section (1) of Sec. 274 of the Companies
Act, 1956;
f. In our opinion and to the best of and to the best of our information
and according to the explanations given to us, the said accounts, read
together with the Companys Accounting Policies and the Notes thereto,
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 Balance Sheet, of the state of affairs of the Company
as at 31st March, 2010;
ii) In the case of the Profit & Loss Account, 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 for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Refer to paragraph 1 of our report of
even date)
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
2. As explained to us the fixed assets have been physically verified by
the management during the year in a phased / Periodical manner which in
our opinion is reasonable having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
3. During the year, Company has not disposed of any substantial/major
part of fixed An asset, so the question of going concern status being
affected does not arise.
4. As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
5. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
6. In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of inventory. As
explained to us there were no materials discrepancies noticed on
Physical verification of inventory as compared to the book records.
7. According to the information and explanations given to us, the
Company has not taken any loan from or granted any loan to the parties
listed in the Register maintained under Section 301 of the Companies
Act, 1956.
8. According to the information and explanations given to us, parties
to whom loans and advances in the nature of loans have been given,
where stipulations are made, are repaying the principal amount as
stipulated.
9. According to the information and explanations given to us, there is
no overdue amount of loans granted to the parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
10. 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 nature of its business
with regard to the purchase of inventory and fixed assets, and with
regard to the sale of goods. During the course of our audit, no major
weakness has been noticed in the internal Controls.
11. Based on audit procedures applied by us, to the best of our
knowledge and belief and according to the information and explanations
given to us, we are of the opinion that the transactions that needed to
be entered into the register maintained in pursuance of Section 301
have been so entered.
12. According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements and
exceeding the value of Rupees.
13. Five lakhs in respect of any party during the year have been made
at prices, which are reasonable having a regard to the relevant market
prices at the relevant time.
14. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within provisions of Section 58A and 58AA of the- Companies Act, 1956
and rules there under. Therefore, the provisions of clause (vi)
paragraph 4 of the Companies (Auditors Report) order, 2003 are not
applicable to the company.
15. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
16. We have broadly reviewed the books of account maintained by the
Company .As explained to us the maintenance of cost records under
Section 209(1 )(d) of the Companies Act, 1956, are not prescribed by
the Central government.
17. According to the records of the Company and explanations given to
us, the Company has been regular in depositing undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-Tax, Sales Tax, Wealth-Tax, Customs
Duty, Excise Duty, Cess and other Statutory dues with the appropriate
authorities during the year.
18. The Company has not incurred cash losses during current and the
immediately preceding financial year.
19. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to banks.
20. According to the information and explanations given to us. the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
21. The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/Societies are not applicable to the
Company.
22. Based on our audit procedures and to the best of our knowledge and
according to the information and explanations given to us, we are of
the opinion that the Company is maintaining proper record of the
transactions and contracts of dealing in shares and securities and that
timely entries have been made in these records.
23. Based on our audit procedures and to the best of our knowledge and
belief and according to the information and explanations given to us,
the shares and securities have been held by the Company in its own
name, except to the exemption, if any granted under section 49 of the
Act.
24. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment by the Company and vice versa. on short-term basis have been
used for long-term investment by the Company and vice versa.
25. The Company Has not made any preferential allotment to parties and
companies covered under register maintained Under Section 301 of the
Companies, 1956, during the year and question of whether the price at
which the shares have been issued is prejudicial to the interest of the
Company does not arise
26. According to the information and explanations given to us, and the
records examined by us, the Company has not issued any debentures hence
no question of creation of securities.
27. The Company has not raised money by any public issues during the
year and hence the question of disclosure and verification of end use
of such money does not arise.
28. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SARKAR GURUMURTHY & ASSOCIATES
Place: Kolkata CHARTERED ACCOUNTANTS
Dated: 31-05-2010 BASUDEB MONDAL
PARTNER
Mar 31, 2009
We have audited the attached Balance Sheet of JAINCO PROJECTS (INDIA)
LTD. as at 31st March, 2009 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
We conducted our audit in accordance with auditing standards generally
accepted in India Those standards require that
we plan and perform the audit to obtain reasonable assiirarre about
whethw the firiarc 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 a significant estimate made by management, as well as
evaluating the overall financial statements presentation. We believe
that our audit provides a reasonable basis for our opinion.
We report as follows:
1. 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, we enclose in the Armexure a statement on the
matters specified in the paragraph 4 and 5 of the said Order.
2. Further to our comments in the armexure referred to in paragraph 1
above:
a. We have obtained all the information and explanations, which to the
best of our knowledge & 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 the
books;
c. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
flow Statement dealt with by this report Comply with the Accounting
Standards referred to in Sub-Section (3c) of Section 211 of the
Companies Act, 1956.
e. On the basis of the written representations received from Directors
as on 31st March 2009 and taken on record by the Board of Directors of
the Company none of the Director is disqualified as on 31 st March 2009
from being appointed as Directors none of the appointed as Directors in
terms of clause (g) of sub-section (1) of Sec. 274 of the Companies
Act, 1956;
f.In our opinio are to the best ofarri to the best of our information
and according to the explanations given to us, the said accounts, read
together with the Companys Accounting Policies and the Notes thereto,
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 Balance Sheet, of the state of affairs of the Company
as at 31st March, 2009;
ii) In the case oftheProfit& Loss Account, 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 for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Refer to paragraph 1 of our report of
even date)
1. The Company has maintained proper records showing Hill particulars
including quantitative details and situation of fixed assets.
2. As explained to us the fixed assets have been physically verified by
the management during the year in a phased / Periodical manner which in
our opinion is reasonable having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
3. During the year, Company has not disposed of any substantial/major
part of fixed An asset, so the question of going concern status being
affected does not arise.
4. As explained to us, the inventory has been physically verified
during the year by the management In our opinion, the frequency of
verification is reasonable.
5. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
6. In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the Company is rnaintaining proper records of inventory. As
explained to us there were no materials discrepancies noticed on
Physical verification of inventory as canpared to the book records.
7.Accruing to the information and explanations given to us loan to the
partieslisted in the Register maintained under Section 301 of the
Companies Act, 1956.
8. Accordingto the information and explanations given to us, parties
to whom loans advances in the nature of loans have been given, where
stipulations are made, are repaying the principal amount as stipulated.
9. Accordingto the information and explanations given to us, tiiere is
no overdue amount of loans granted to the parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
10. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size ofthe Company and nature of its business
with regard to the purchase of inventory and fixed assets, and with
regard to the sale of goods. During the course of our audit, no major
weakness has been noticed in the internal Controls.
11. Based on audit procedures applied by us, to the best of our
knowledge and belief and according to the information and explanations
given to us, we are of the opinion tiiat the transactions that needed
to be entered into the register maintained in pursuance of Section 301
have been so entered
12. Accordingto 1he information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements and
exceeding the value of Rupees.
13. Five lakhs in respect of any party during the year have been made
at prices, which are reasonable having a regard to the relevant market
prices at the relevant time.
14. In our opinion and accordnag to the information and explanations
given to us, the Company has not accepted any deposits fromthe public
within provisions of Section 58A and 58AA ofthe- Companies Act, 1956
and rules there under. Therefore, the provisions of clause (vi)
paragraph 4 ofthe Companies (Auditors Report) order, 2003 are not
applicable to the company.
15. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
16. We have broadly reviewed fie books of account maintained by the
Company As explained to us the maintenance of cost records under
Section 209(1 Xd)of1he Companies Act, 1956, are not prescribed by the
Central government
17. According tothe records ofthe Company and explanations given to us,
the Company has been regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-Tax, Sales Tax, Wealth-Tax, Customs
Duty, Excise Duty, Cess and other Statutory dues with the appropriate
authorities during the year.
18. The Company has not incurred cash losses during current and ihe
immediately preceding financial year.
19. Based on our audit procedures and on the basis of information and
explanations given by the management we are of the opinion that the
Company has not defaulted in the repayment of dues to banks.
20. According to the information and explanations given to us. the
Company has not granted any loans and advances on the basis of security
by wa^pf pledge of shares, debentures and other securities.
21. The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/Societies are not applicable to the
Company.
22. Based on our audit procedures and to the best of our knowledge and
according to the information and explanations given to us, we are of
the opinion that the Company is maintaining proper record of the
transactions and contracts of dealing in shares and securities and that
timely enThes have been made in these records.
23. Based on our audit procedures and to the best of our knowledge and
belief and according to the information and explanations given to us,
the shares and securities have been held by Ihe Company in its own
name, except to the exemption, if any granted under section 49 of the
Act
24. According to the information and explanations given to us and on an
overall examination ofthe Balance Sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment by the Company and vice versa, on short-term basis have been
used for long-term investment by the Company and vice versa.
25. The Company Has not made any preferential allotment to parties and
companies covered under register maintained Under Section 301 of the
Companies, 1956, duringlhe year and question of whetherthe price
atwhich the shares have been issued is prejudicial to the interest
ofthe Company does not arise
26. According to the information and explanations given to us, and the
records examined by us, the Company has not issued any debentures hence
no question of creation of securities.
27. The Company has not raised money by any public issues during the
year and hence the question of disclosure and verification of end use
of such money does not arise.
28. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SARKAR GURUMURTHY & ASSOCIATES
Place: Kolkata CHARTERED ACCOUNTANTS
Dated: 30-06-2009 BASUDEB MONDAL
PARTNER
Mar 31, 2003
We have audited the attached Balance Sheet of M/s. JAINCO PROJECTS
(INDIA) LIMITED as at 31st March, 2003 and both the Profit & Loss
Account and Cash Flow Statement of the Company for the year ended 31st
March, 2003, 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.
We have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis evidence supporting the amounts and
disclosure 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.
We report as follows :
As required by the Manufacturing and Other Companies (Auditors Report)
Order, 1988 issued by the Company Law Board in terms of Section 227
(4A) of the Companies Act, 1956, we annex hereto a statement on the
matters specified in Paragraph 4 and 5 of the said Order.
Further to our comments in the annexure referred to Paragraph 1 above :
1 . We have obtained all the information and explanations which to the
best of our knowledge & belief were necessary for the purpose of our
audit.
2. In our opinion, proper books of account as required by law have
been kept by the Company, so far as appears for our examination -of the
books.
3. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in Agreement with the books of accounts.
4. The Balance Sheet and Profit & Loss Account comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
5. As per the information and explanations given to us, none of the
directors of the Company is disqualified from being appointed as a
director under clause (g) of sub-Section (1) of Section 274 of the
Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with
notes thereon, give the information as required by the Companies Act,
1956, in the manner so required and give a true and fair view :
a) in the case of Balance Sheet of the state of affairs of the Company
as at 31st March, 2003, and
b) in the case of the Profit & Loss Account of the profit for the year
ended on that date.
c) in the case of Cash Flow Statement of the Cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
TO THE MEMBERS OF JAINCO PROJECTS (INDIA) LIMITED
(Referred to in paragraph (I) of our report of even date)
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets. The
fixed assets have been physically verified by the management during the
year. No material discrepancies have been notice on such verification
as compared to book records.
2. None of the fixed assets has been revalued during the year.
3. As explained to us, the stocks of shares, L.P.G., other
construction materials have been physically verified by the management
during the year.
4. In our opinion and according to the explanations given to us and
having regard to the nature of items, the procedures of physical
verification of stocks followed by the Management are reasonable and
adequate in relation to the size of the Company and the nature of its
business.
5. No discrepancies were notices on verificaiton between the physical
stocks and the book records were not material.
6. On the basis of our examination of stock records, we are of the
opinion that the valuation of stocks is fair and proper in accordance
with the normally accepted accounting principles, and on the same basis
as in the proceeding year.
7. The Company has not taken any loans from companies, firms or other
parties listed in the Register maintained under section 301 of the
Companies Act, 1956. We have been informed that there are no Bodies
Corporate under the same management within the meaning of Section
370(1-B) of the Companies Act, 1956.
8. The Company has not given any loans to Companies, firms or other
parties listed in the Register maintained under Section 301 of the
Companies Act, 1956. We have been informed that there are no Bodies
Corporate under the same management within the meaning of Section
370(1-B) of the Companies Act. 1956.
9. As explained to us, other than doubtful advances, parties to whom
loans and advances in the Nature of Loans have been given by the
Company, the Principal amounts and interest thereon, in the absence of
stipulation are repayable on demand.
10. 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.
11. In our opinion, and according to the information and explanations
given to us, no goods and materials, aggregating during the year to Rs.
50,000 or more in respect of each party were purchased and no goods,
materials and services, aggregating during the year to Rs. 50,000 or
more in respect of each party, were sold, in pursuance of contracts of
arrangements entered in the Register maintained under Section 301 of
the Companies Act, 1956.
12. The provision of section 58A of the Companies Act, 1956 is not
applicable to the Company as it is a Non-Banking Financial Company.
Further as required by Non-Banking financial Companies Auditors Report
(Reserve Bank) Direction, 1998 we report that
a) The Company has applied for registration as provided in Section 451A
of the Reserve Bank of India Act, 1934 and has been granted.
b) The Board of Directors has passed a resolution for the
non-acceptance of any Public Deposits.
c) The Company has not accepted any Public deposits during the relevant
year.
d) The Company has complied with the Prudential Norms relating to
income recognition accounting standards, assets classification, however
no provision has been made for bad and doubtful debts as applicable to
it.
13. As explained to us that no by-product or scrap is generated by the
Company on business operations carried out by it.
14. As explained to us the Company has an internal audit system
commensurate with the size and nature of its business.
15. As explained to us, the Central Government has not prescribed the
maintenance of cost records under Section 209(l)(d) of the Companies
Act, 1956 for the Companys products.
16. According to the records of the Company Provident fund dues have
been regularly deposited during the year with appropriate authorities.
17. According to the information and explanations given to us. no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty and excise duty were outstanding as at 31st March for
a period of more than six months from the date they became payable.
18. On the basis of the examination of books of accounts, and on the
basis of the information and explanations given to us, no personal
expenses of employes if directors have been charged to the Profit &
Loss Account other than those payable under contractual obligations or
in accordance with generally accepted business practices.
19. The Company is not a sick industrial company within the meaning of
clause (O) of Sub-section (1) of Section 3 of the Sick Industrial
Companies (Special provision) Act, 1985.
20. No loans and advances have been granted by the Company on the
basis of security by way of pledge of shares and other securities.
21. As explained to us the provisions of Special Status applicable to
a chit fund, Nidhi or Mutual benefit society are not applicable to the
Company.
22. Proper records have been maintained by the Company for all
transactions and dealings or trading in shares, securities and other
instruments.
23. In respect of trading activities we have been informed that there
are no damage stocks.
For P. SARKAR & ASSOCIATES
Chartered Accountants
P. SARKAR
Partner
Place : 35, C. R. Avenue, Kolkata - 700012
Dated : the 30th day of June. 2003