Mar 31, 2014
We have audited the accompanying financial statements of JAINEX AAMCOL
LIMITED (the Company), which comprise the Balance Sheet as at 31st
March, 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''s Responsibility forthe Financial Statements
Management is responsible for the preparation of this financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in Section 211 (3C) of the Companies
Act, 1956 (the Act)) read with the General Circular 15/2013 dated 13th
September. 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on this financial
statements based on our audit. We conducted our audit in accordance
with the Standards of 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 materials 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, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by the management, as well as evaluating the overall
presentation of 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 information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true 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 31" March, 2014,
b) in the case of the Statement of Profit and Loss, of the loss for the
year ended on that date and
c) in the case of 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 the 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, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 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 31st March, 2014, taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2014 from being
appointed as director in terms of section 274(l)(g)of the Act.
Annexure to Independent Auditor''s Report (Referred in paragraph 1 under
the heading of "Report on Other Legal and Regulatory Requirements" of
our report of even date)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets otherthan furniture & fixtures and office equipments.
(b) All the assets have been physically verified by the management
during the year and there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) The company has not disposed off any substantial part of fixed
assets during the year and therefore the question of affecting the
status of going concern of the company does not arise.
(ii)
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii)
(a) The company has taken loans from body corporates and shareholders
covered in the register maintained under section 301
of the Companies Act, 1956. The maximum amount involved during the year
was Rs. 343.18 lacs and the year-end balance of loans taken from such
partieswasRs. 293.18 lacs.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from companies or other parties listed
in the register maintained under section 301 of the Companies Act, 1956
are not, prima facie, prejudicial to the interest of the company.
(c) The company is regular in repaying the principal amounts as
stipulated or as and when required.
(d) There is no overdue amount of loans taken from companies or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v)
(a) According to the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
(b) There are no transactions of purchase and sale of goods, materials
and services made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Companies Act, 1956
aggregating during the year to Rs. 5 lacs or more in respect of each
party.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from public. The
company has, however, taken loansfromshareholders/body
corporates which are under exempt category and therefore compliances
under the provisions of sections 58A and 58AA of the Companies Act,
1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard
to such deposits are not considered for compliance by the company.
(vii) In our opinion, internal audit system conducted by a professional
firm was for a part of the year and thereafter the internal audit has
been done internally. Such change over has no adverse impact on
internal audit system of the company.
(viii) The company is required to maintain records pursuant to the
amendment rules made by the Central Government for the maintenance of
cost records under section 209 (1) (d) of the Companies Act, 1956 and
the same is maintained as required.
(ix)
(a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, ESIC, Income Tax,
Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, Investor
Education and Protection Fund and other material statutory dues as
applicable to the company.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears as at
31.03.2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, the dues
set out herein below in respect of income tax, wealth tax, sales tax,
customs duty, excise duty and cess have been deposited by the company
with the appropriate authorities on account of disputes.
Name of Nature of Dues Amount in Rs. Amount in Rs.
Statute lacs lacs paid under
protest
Customs Custom Duty 7.14 2.00
Name of Period to which Forum were
Statute r the amount disputes is
relates pending
Customs 2008-2009 Commissioner
of Customs -
(Appeals)
(x) The company has not incurred cash losses during the financial year
covered bytheauditand in the immediately preceding financial year but
has incurred a loss during the year and therefore has an accumulated
loss as at 31.03.2014.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks ordebenture holders.
(xii) The company has not granted any loans and advances on the basis
of security byway of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
(viii) The company has not given any guarantees for loans taken by
others
from banks orfinancial institutions.
(xv) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xvi) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that funds raised on short-term basis have, prima facie, not been used
during the year for longterm investments.
(xvii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under Section 301 of
the Companies, Act, 1956 during the year and hence the question of
whether the price at which shares have been issued is prejudicial to
the interest of the company does notarise.
(xix) The provisions of clause 4 (xix) of Companies (Auditors Report)
Order, 2003 regarding security or charge in respect of Debentures
issued are not applicable to the Company.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
for R. A. SINGH & ASSOCIATES
CHARTERED ACCOUNTANTS
R. A. SINGH
(PROPRIETOR)
FRN 110271W
Place: Mumbai
Date : 31st May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of JAIN EX AAMCOL
LIMITED (the Company), which comprise the Balance Sheet as at 31st
March, 2013, the Statement of Profit and Loss and Cash Flow Statement
forthe year then ended and a summary ofsignificantaccounting policies
and otherexplanatory information.
Management''s Responsibilitvforthe Financial Statements
Management is responsible for the preparation of this financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in Section 211 (3C) of the Companies
Act, 1956 (the Act). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair viewand are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on this financial
statements based on our audit. We conducted our audit in accordance
with the Standards of 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 whetherthefinancial statements are free from
materials 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
auditorconsiders internal control relevantto the company''s preparation
and fair presentation of the financial statements in order to design
audit procedures that are appropriate in the circumstances. An audit
also includes evaluating the appropriateness of accounting policies
used and the reasonableness of the accounting estimates made by the
management, as well as evaluatingthe overall presentation of financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basisfor our audit opinion
Opinion
In our opinion and to the best of information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true 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 Profit and Loss, of the loss for the year ended
onthaxdateand c) in the case of 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 the paragraphs 4 and 5 of the
Order.
2. As required by section 227 (3) of the Act, we reportthat:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary forthe purpose of
ouraudit.
b) In our opinion, proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act:
e) On the basis of written representations received from the Directors
as on 31st March, 2013, taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2013 from being
appointed as director in terms of section 274(l)(g) of the Act.
Annexure to Independent Auditor''s Report
(Referred in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date)
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets other than
furniture & fixtures and office equipments.
(b) All the assets have been physically verified by the management
during the year and there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed
on such verification.
(c) Thecompany has not disposed off substantial
partoffixedassetsduringtheyear and therefore the question of affecting
the status of going concern of the company does notarise.
(ii)
(a) The inventory has been physically verified during the year by the
management. In ouropinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(a) The company has taken loans from body corporates, a firm,
shareholders and directors covered in the register maintained under
section 301 of the Companies Act, 1956. The maximum amount involved
during the year was Rs. 343.19 lacs and the year-end balance of loans
taken from such parties was Rs. 314.29 lacs.
(b) In our opinion, the rate of interest (paid in few cases) and other
terms and conditions on which loans havr been taken from companies or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956 are not, prima facie, preju Jicial to the
interest of the company.
(c) The company is regular in repaying the principal amounts as
stipulated or as and when required.
(d) There is no overdue amount of loans taken from companies or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v)
(a) According to the information and explanations given to us, weare of
the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered. ''
(b) There are no transactions of purchase and sale of goods, materials
and services made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Companies Act, 1956
aggregating during theyearto Rs. 5 lacs or more in respect of each
party.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from public. The
company has, however, taken loans from shareholders and body corporates
which are under exempt category and also from a firm whose two major
partners are shareholders/directors and therefore compliances under the
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to such
deposits are not considered for compliance by the company.
(vii) In our opinion, internal audit system conducted by a professional
firm was for a part of the year and thereafter the internal audit has
been done internally. Such change over has no adverse impact on
internal audit system of the company.
(viii) Thecompanyis required to maintain records pursuanttothe
amendment rules made by the Central Government for the maintenance of
cost records under section 209 (1) (d) of the Companies Act, 1956 and
the same are yet to be complied with forthe year under review.
(ix)
(a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, ESIC, Income Tax,
Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, Investor
Education and Protection Fund and other material statutory dues as
applicable to the company.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears as at
31.03.2013 for a period of more than six months from the date they
became payable.
(x) The company has not incurred cash losses during the financial year
covered by the audit and in the immediately preceding financial year
but has incurred a loss duringtheyearand therefore hasan accumulated
loss as at 31.03.2013.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and othersecurities.
(xiii) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
(xv) The company has not given any guarantees for loans taken by others
from banks or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance shct of the company, we
reportthat funds raised on short-term basis have, prima facie, not been
used during the year for long term investments.
(xviii) According to the information and explanations given to us, the
company has made preferential allotment on 29.09.2012 of 8,00,000
Equity shares of a face value of Rs. 10 each with a premium of Rs. 30
per share pursuant to a scheme of arrangement and order passed by the
Hon''ble High Court of Bombay on 08.12.11 to parties and companies
covered in the register maintained under
Section 301 of the Companies, Act, 1956 during the year. Since the said
allotment is made in pursuance of High Court Order with premium, the
shares allotted are not prejudicial to the interest of the company.
xix) The provisions of clause 4 (xix) of Companies (Auditors Report)
Order, 2003 regarding security or charge in respect of Debentures
issued are not applicable to the Company.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the '' company has been noticed or reported during the
year.
for R. A. SINGH & ASSOCIATES
CHARTERED ACCOUNTANTS
R. A. SINGH
(PROPRIETOR)
Place: Mumbai
Date : 31st May, 2013
Mar 31, 2012
We have audited the attached Balance Sheet of JAINEX AAMCOL LIMITED as
at 31st March, 2012 and the Statement of Profit and loss 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 mis-statement. 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.
As required by the Companies (Auditor's Report) Order 2003 (CARO)
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the-matters specified in the paragraphs 4 and 5 of the
said Order.
Further to our comments in the Annexure referred to above, we report
that:
i) 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;
i) 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.
ii) The Balance Sheet and Statement of Profit and Loss dealt with by
this report are in agreement with the books of account.
iii) In our opinion, the Balance Sheet and Statement of Profit and Loss
dealt with by this report comply with the Accounting Standards referred
to In sub-section (3C) of section 211 of the Companies Act, 1956 to the
extent applicable and read with notes forming part of the accounts.
iv) On the basis of written representations received from the Directors
as on 31st March, 2012 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 Director in terms of clause (g) of
sub-section (1) of section 274of the Companies Act, 1956.
v) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with Accounting
Policies and Notes forming part of the accounts; 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012, .
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date and
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure '
Re: JAINEX AAMCOL LIMITED
Referred to In paragraph 3 of our report of even date.
(I) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets other than furniture & fixtures and office equipments.
(b) All the assets have been physically verified by the management
during the year and there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) The company has not disposed off substantial part of fixed assets
during the year and therefore the question of affecting the status of
going concern of the company does not arise.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) The company has taken loans from body corporates, a firm,
shareholders and directors covered in the register maintained under
section 301 of the Companies Act, 1956. The maximum amount involved
during the year was Rs. 691.19 lacs and the year-end balance of loans
taken from such parties was Rs. 343.19 lacs.
(b) In our opinion, the rate of interest (paid in few cases) and other
terms and conditions on which loans have been taken from companies or
other parties listed in the register maintained undersection 301 of the
Companies Act, 1956 are not, prima facie, prejudicial to the interest
of the company.
(c) The company is regular in repaying the principal amounts as
stipulated or as and when required.
(d) There is no overdue amount of loans taken from companies or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) There are no transactions of purchase and sale of goods, materials
and services made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Companies Act, 1956
aggregating during the year to Rs. 5 lacs or more in respect of each
party.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from public. The
company has, however, taken loans from shareholders and body corporates
which are under exempt category and also from a firm whose two major
partners are shareholders/directors and therefore compliances under the
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to such
deposits are not considered for compliance by the company.
(vii) In our opinion, internal audit system conducted by a professional
firm is commensurate with the size of the company and nature of its
business.
(viii) The company is required to maintain records pursuant to the
amendment rules made by the Central Government for the maintenance of
cost records under section 209 (1) (d) of the Companies Act, 1956 and
the same are subject to cost audit which is yet to be implemented and
complied with.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund, ESIC,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess,
Investor Education and Protection Fund and other material statutory
dues as applicable to the company.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears as at
31.03.2012 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, the dues
set out herein below in respect of income tax, wealth tax, sales tax,
customs duty, excise duty and cess have been deposited by the company
with the appropriate authorities on account of disputes.
Name of Nature of
Dues Amount in
Rs. Amount in
Rs. Period to
which Forum were
Statute lacs lacs Paid
under the amount disputes is
protest relates pending
Customs Custom Duty 7.14 2.00 2008-2009 Commissioner
of Customs -
(Appeals)
(x) The company does not have any accumulated losses as at 31.03.2012
and has not incurred cash losses in the current financial year and in
the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
(xii) The company has not granted any loans and advances on the basis
of security byway of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order,
2003arenotapplicabletothecompany.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
(xv) The company has not given any guarantees for loans taken by others
from banks or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposes for which
they were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that funds raised on short-term basis have, prima facie, not been used
during the year for long term investments.
(xviii) According to the information and explanations given to us, the
company is in the process of making a preference allotment of8,00,000
Equity shares of a face value of Rs. 10 each with a premium of Rs. 30
per share pursuant to a scheme of arrangement and order passed by the
hon'ble High Court of Bombay on 08.12.11 to parties and companies
covered in the register maintained under Section 301 of the Companies,
Act, 1956 during the year. Since the said allotment is being made in
pursuance of High Court order with premium, the shares being allotted
are not prejudicial to the interest of the company.
(xix) The provisions of clause 4 (xix) of Companies (Auditors Report)
Order, 2003 regarding security or charge in respect of Debentures
issued are not applicable to the Company.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
for R. A. SINGH & ASSOCIATES
CHARTERED ACCOUNTANTS
R. A. SINGH
(PROPRIETOR)
Place: Mumbai
Date : 31st July, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of JAINEX AAMCOL LIMITED as
at 31st March, 2011 and the Profit & Loss Account 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 mis-statement. 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.
As required by the Companies (Auditor's Report) Order 2003 (CARO)
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
said Order.
Further to our comments in the Annexure referred to above, we report
that:
i) 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;
ii) 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.
iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub- section (3C) of section 211 of the Companies Act, 1956 to the
extent applicable and read with notes given in Schedule -16 - Notes to
Accounts.
v) On the basis of written representations received from the Directors
as on 31st March, 2011 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 Director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with Accounting
Policies and Notes given in Schedule 16; 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011,
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 Cash Flow Statement, of the cash flows for the year
ended on that date.
Statement on the Companies (Auditor's Report) Order. 2003 Annexure Re:
JAINEX AAMCOL LIMITED
Referred to in paragraph 3 of our report of even date.
(i)(a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets other than furniture & fixtures and office equipments.
(b) All the assets have been physically verified by the management
during the year and there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verificationi
(c) The company has not disposed off substantial part of fixed assets
during the year and therefore the question of affecting the status of
going concern of the company does not arise.
(ii)(a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii)(a) The company has taken loans from body corporates, a firm,
shareholders and directors covered in the register maintained under
section 301 of the Companies Act, 1956. The maximum amount involved
during the year was Rs. 691.19 lacs and the year-end balance of loans
taken from such parties was Rs. 691.19 lacs.
(b) In our opinion, the rate of interest (paid in some cases) and other
terms and conditions on which loans have been taken from companies or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956 are not, prima facie, prejudicial to the
interest of the company.
(c) The company is regular in repaying the principal amounts as
stipulated or as and when required.
(d) There is no overdue amount of loans taken from companies or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v)(a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) There are no transactions of purchase and sale of goods, materials
and services made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Companies Act, 1956
aggregating during the year to Rs. 5 lacs or more in respect of each
party.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from public. The
company has, however, taken loans from shareholders and body corporates
which are under exempt category and also from a firm whose two major
partners are shareholders/directors and therefore compliances under the
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to such
deposits are not considered for compliance by the company.
(vii) In our opinion, internal audit system conducted by a professional
firm is commensurate with the size of the company and nature of its
business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company.
The company is not required to maintain any records pursuant to the
rules made by the Central Government for the maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956.
(ix)(a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund, ESIC,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess,
Investor Education and Protection Fund and other material statutory
dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears as at
31.03.2011 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, the dues
set out herein below in respect of income tax, wealth tax, sales tax,
customs duty, excise duty and cess have been deposited by the company
with the appropriate authorities on account of disputes.
Name of Nature Amount Amount Period to Forum
Statute of Dues in Rs. in Rs. which the were
lacs lacs paid Amount disputes
under relates is pending
protest
Customs Customs 7.14 2.00 2008-2009 CESTAT
Duty
(x) The company does not have any accumulated losses as at 31.03.2011
and has not incurred cash losses in the current financial period and in
the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
(xv) The company has not given any guarantees for loans taken by others
from banks or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that funds raised on short-term basis have, prima facie, not been used
during the year for long term investments.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under Section 301 of
the Companies, Act, 1956 during the year and hence the question of
whether the price at which shares have been issued is prejudicial to
the interest of the company does not arise.
(xix) The provisions of clause 4 (xix) of Companies (Auditors Report)
Order, 2003 regarding security or charge in respect of Debentures
issued are not applicable to the Company.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
for R. A. SINGH & ASSOCIATES
CHARTERED ACCOUNTANTS
R. A. SINGH
(PROPRIETOR)
FRN110271W
Place: MUMBAI
Date : 30th JULY, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of JAINEX AAMCOL LIMITED as
at 31st March, 2010 and the Profit & Loss Account 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 mis-statement. 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.
As required by the Companies (Auditors Report) Order 2003 (CARO)
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
said Order.
Further to our comments in the Annexure referred to above, we report
that:
i) 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;
ii) 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.
iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub- section (3C) of section 211 of the Companies Act, 1956 to the
extent applicable and read with notes given in Schedule -16 - Notes to
Accounts.
v) On the basis of written representations received from the Directors
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31 st March,
2010 from being appointed as Director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with Accounting
Policies and Notes given in Schedule 16; 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010,
b) in the case of the Profit and Loss Account, of the loss for the year
ended on that date and
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Statement on the Companies (Auditors Report) Order. 2003 Annexure
Re: JAINEX AAMCOL LIMITED Referred to in paragraph 3 of our report of
even date.
(i) (a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets other than
furniture & fixtures and office equipments.
(b) All the assets have been physically verified by the management
during the year and there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of is assets .Norn ateraldBciEpancES weiE notbed en such
verifratbn.
(c) The company has not disposed off any fixed assets during the year
and therefore the question of affecting the status of going concern of
the company does not arise.
(ii) (a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) The company has taken loans from body corporate, a firm,
shareholders and directors covered in the register maintained under
section 301 of the Companies Act, 1956. The maximum amount involved
during the year was Rs. 648.19 lacs and the year-end balance of loans
taken from such parties wasRs. 648.19 lacs.
(b) In our opinion, the rate of interest (neither provided nor paid for
the year) and other terms and conditions on which loans have been taken
from companies or other parties listed in the register maintained under
section 301 of the Companies Act, 1956 are not, prima facie,
prejudicial to the interest of the company.
(c) The company is regular in repaying the principal amounts as
stipulated or as and when required.
(d) There is no overdue amount of loans taken from companies or other
parties listed in the register maintained under section 301 of the
Companies Act. 1956.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures commensurate
with the size of the company and the nature of its business with regard to
purchases of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
(v) (a) According to the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
(b) There are no transactions of purchase and sale of goods, materials
and services made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Companies Act, 1956
aggregating during the year to Rs. 5 lacs or more in respect of each
party.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from public. The
company has, however, taken loans from shareholders and body corporates
which are under exempt category and also from a firm whose two major
partners are shareholders/directors and therefore compliances under the
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to such
deposits are not considered for compliance by the company.
(vii) In our opinion, internal audit system conducted by a professional
firm is commensurate with the size of the company and nature of its
business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company.
The company is not required to maintain any records pursuant to the
rules made by the Central Government for the maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956.
(ix) (a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, ESIC, Income Tax,
Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, Investor
Education and Protection Fund and other material statutory dues
applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears as at 31.03.2010
for a period of more than six months from the date they became payable.
(x) The company has incurred loss during the year and has thus
accumulated loss at year end. The company has however not incurred cash
loss during the financial year covered by our audit but there was cash loss
in the immediately preceding financial year.
(xi) In our opinion and according to the information arid
explanations given to us, the company has not defaulted in repayment of
dues to financial institutions, banks or debenture holders.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the company is not a chit fund or a nidhimutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
(xv) The company has not given any guarantees for loans taken by others
from banks or financial institutions.
(xvi) In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that funds raised on short-term basis have, prima facie, not been used
during the year for long term investments.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the Register maintained under Section 301 of
the Companies, Act, 1956 during the year and hence the question of
whether the price at which shares have been issued is prejudicial to
the interest of the company does not arise.
(xix) The provisions of clause 4 (xix) of Companies (Auditors Report)
Order, 2003 regarding security or charge in respect of Debentures
issued are not applicable to the Company.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
for R. A. SINGH & ASSOCIATES
CHARTERED ACCOUNTANTS
R. A. SINGH
(PROPRIETOR)
FRN110271W
Place: MUMBAI
Date: 7th August, 2010
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