Auditor Report of Jaykay Enterprises Ltd.
Mar 31, 2023
JAYKAY ENTERPRISES LIMITED
Report on the Audit of Standalone Financial Statements
Opinion
We have audited the standalone financial statements of JAYKAY ENTERPRISES LIMITED (âthe Companyâ), which comprise the balance sheet as at 31st March 2023, and the statement of Profit and Loss including Other Comprehensive Income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the standalone financial statements , including a summary of significant accounting policies and other explanatory information .
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act , read with the Companies ( Indian Accounting Standards) Rules, 2015, as amended ,( ââInd ASââ) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, and the profit , Total Comprehensive Income, changes in equity and its cash flows for the year ended on that date.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note no. 34 to the financial statements, which reads as under:
The business of the associates M/S Nebula 3D Services Private Limited has substantial accumulated loss carried forward from previous years and has incurred cash losses during the current financial year resulting erosion of net worth as at 31st March, 2023 . However , the management is having a positive future outlook of the associateâs business as a going concern. Therefore the management opines that there is no need to impair the value of investment in associate.
Our opinion is not modified in respect of above matter.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statements for the year ended March 31 2023. These matters were addressed in the context of our audit of the standalone Ind AS financial statements and in forming our opinion thereon, and we do not provide a separate opinion on these matter. We have determined the matters described below to be the key Audit Matter to be communicated in our reports.
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Sl No. |
Reporting |
How was the Key Audit Matter addressed in the audit |
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1 |
Assessment of Deferred Tax Assets not recognized by the company |
Principal Audit Procedure |
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on carry forward of losses Rs. 1517.19 lacs (Refer note 28 to the financial statements) |
Performed |
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The recognition and measurement of deferred tax items require |
i We have tested the period |
|
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determination of difference between the recognition and the |
over which the deferred |
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|
measurement of assets , liabilities, income and expenses in accordance |
tax assets on unabsorbed |
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with the Income Tax Act and other applicable tax laws including |
losses would be |
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application of ICDS and financial reporting in accordance with Ind AS .Assessment of deferred tax assets is done by the management at the close of each financial year taking into account forecast of future taxable results. Considering the probability of future taxable income , the company had not recognised Deferred tax Assets (DTA) of Rs382.00 lacs on carry forward loss of Rs. 1517.19 lacs. We have considered the assessment of deferred tax liabilities and assets as a Key Audit Matter due to the importance of management estimation and judgement and a materiality of the amount. |
recovered against future taxable income. ii We have tested the management under lying assumption and judgement in estimating the future taxable income. |
Our opinion is not modified in respect of above matter.
Information Other than the Standalone financial statements and Auditorâs Report Thereon
The Companyâs Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Directorâs Report including Annexures to Directorâs Report etc., but does not include the financial statements and our auditorâs report thereon. The Directorâs Report including Annexures to Directorâs Report etc. is not made available to us till the date of this report and is expected to be made available to us after the date of this Auditorsâ Report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Managementâs Responsibility for the Standalone Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, Total Comprehensive Income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements , management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Companyâs financial reporting process. Auditorâs Responsibilities for the Audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements .
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements , whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements , including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditorâs Report) Order, 2020 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in theâ Annexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, statement of changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on 31st March, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2023 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
(h) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements -Refer Note No 31 to the financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv. (a) The management has represented that, to the best of itâs knowledge and belief, no funds have
been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (âlntermediariesâ}, with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities Identified in any manner whatsoever by or on behalf of the Company (ââUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The management has represented, that, to the best of itâs knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures we have considered reasonable and appropriate in the circumstances; nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material mis-statement.
v. The company has not declared or paid any dividend during the year.
Chartered Accountants Registration Number: 000186C
Place: Kanpur P. P. SINGH
(PARTNER) Membership Number: 72754 UDIN NO 23072754BGWEDF7423
Mar 31, 2015
We have audited the accompanying financial statements of JAYKAY
ENTERPRISES LIMITED ("the Company"), which comprise the Balance Sheet
as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the 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 to give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers 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 circumstance but not for the purpose of expressing
an opinion on whether the company has in place an adequate internal
financial control system over financial reporting and operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), Issued by the Central Government of India in terms of sub -
section (11) of section 143 of the Companies Act,2013, we give in the
Annexure a statement on the matters specified in paragraph 3 and 4 of
the order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations as at
March 31, 2015 on its financial position in its financial statements -
Refer Note 25 to the financial statements.
ii. The Company does not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
Re : JAYKAY ENTERPRISES LIMITED
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended
31st March, 2015, we report that:
i. In respect of its Fixed Assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets other than
furniture and fixtures and office equipments.
b) Fixed assets have been physically verified by the management during
the year.
ii. In respect of its Inventories:
The Company has stock in trade of Land and Building only and,
therefore, the provisions of clause 3(ii)(a), (b) and (c) of the
Companies (Auditor's Report) Order, 2015 are not applicable to the
Company.
iii. In respect of loans, secured or unsecured, granted by the Company
to Companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act 2013, according to the
information and explanations given to us:
The company has not granted any Loans to companies, firms or other
parties covered in the register maintained under section 189 of the
Companies Act, 2013. As the company has not granted any Loans secured
or unsecured to parties listed in the register maintained under section
189 of the Companies Act, 2013, the provisions of clause 3(iii)(a) and
(b) of the Companies (Auditor's Report) Order, 2015 are not applicable
to the Company.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system of the Company.
v. In our opinion and according to information and explanations given
to us, the company has not accepted any deposits within the provisions
of sections 73 to 76 or any other relevant provisions of the Companies
Act , 2013 , therefore , the provisions the Companies (Auditor's Report
) order, 2015, are not applicable to the company.
vi. No manufacturing activities have been carried out during the year,
the provisions of clause 3(vi) of the Companies (Auditor's Report)
Order, 2015 are, therefore, not applicable to the Company.
vii. According to the information and explanations given to us, in
respect of statutory and other dues:
a) The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employees' state insurance, income tax, sales tax, wealth tax, service
tax, duty of custom , duty of excise, value added tax, cess and any
other statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident fund , Employees
State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty
of Custom, Duty of Excise, Value Added Tax, Cess and other material
Statutory dues were in arrear as at 31st March, 2015 for a period more
than six months from the date they became payable.
b) According to the records of the company, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty or value added tax
and cess which have not been deposited on account of any dispute, are
as follows :-
Name of Nature of Amount Period to Forum where
Statute the Dues (Rs. in which dispute is
Lacs) amount pending
relates
Central Custom 842.61 1985-86 Custom Department,
Excise & duty & 1986-87 Mumbai.
Custom Act
c) According to the information and explanations given to us the amount
which were required to be transferred to the investor education and
protection fund in accordance with the relevant provisions of the
Companies Act , 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
viii. The company does not have accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and during the immediately preceding
financial year.
ix. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks or debenture holders.
x. According to the information and explanations given to us, the
company has not given any Guarantee for Loans taken by others from
Banks or Financial Institutions.
xi. In our opinion, no term loans had been raised during the year.
xii. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For PL. TANDON & CO.
Chartered Accountants
Firm Reg. No. 000186C
GIRISH KUMAR MITTAL
Place : Kanpur Partner
Dated : 26.05.2015 Membership No. 511729
Mar 31, 2014
We have audited the accompanying financial statements of Jaykay
Enterprises 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''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. 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 management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) In the case of the statement of Profit and Loss , of the profit for
the year ended on that date; 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, 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 Companies Act,1956 read with the General Circular
15/2013 dated 13th September 2013 of Ministry of Corporate Affairs in
respect of section 133 of the Companies Act, 2013.
e. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT Re: JAYKAY ENTERPRISES LIMITED
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date)
(i) In respect of its Fixed Assets:
(a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management during
the year.
(c) In our opinion and according to the information and explanations
given to us, the Company has not made substantial disposal of fixed
assets during the year.
(ii) In respect of its Inventories:
The Company has stock in trade of Land and Building only and,
therefore, the provisions of clause 4(ii)(a), (b) and (c) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company. (iii) In respect of loans, secured or unsecured, granted or
taken by the company to or from companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act 1956, according to the information and explanations given to us :
(a) The company has not granted any Loans to companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. As the company has not granted any Loans secured
or unsecured to parties listed in the register maintained under section
301 of the Companies Act, 1956, the provisions of clause 4(iii)(b), (c)
and (d) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
(e) The Company has not taken any Loan from Companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. As the Company has not taken any Loans, Secured
or Unsecured, from parties listed in the register maintained under
section 301 of the Companies Act, 1956, the provisions of clause
4(iii)(f) and (g) of the Companies (Auditor''s Report) Order, 2003 are
not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system of the company.
(v) In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act, 1956 :
(a) According to the information and explanations given to us, we are
of the opinion that the particulars of all contracts or arrangements
that need to be entered into the register maintained under section 301
of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. Five Lacs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market price at the relevant
time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
provisions of sections 58A and 58AA and other relevant provisions of
the Companies Act, 1956. Therefore, the provisions of clause 4(vi) of
the Companies (Auditor''s Report) Order, 2003, are not applicable to the
Company.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) No manufacturing activities have been carried out during the
year, the provisions of clause 4(viii) of the Companies (Auditor''s
Report) Order, 2003 are, therefore, not applicable to the Company.
(ix) According to the information and explanations given to us, in
respect of statutory and other dues:
(a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education protection fund, employees'' state insurance, income
tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess
and any 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, sales tax, wealth
tax ,service tax, custom duty, excise duty were in arrear as at 31st
March, 2014 for a period more than six months from the date they became
payable.
(c) According to the records of the company, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty and cess which have
not been deposited on account of any dispute, are as follows :-
Name of Nature of Amount Period to Forum where
Statute the Dues (Rs. in which dispute is
Lacs) amount pending
relates
Central Custom 842.61 1985-86 Custom
Department,
Excise & duty &1986-87 Mumbai.
Custom Act
(x) The company does not have accumulated losses at the end of the year
and has not incurred cash losses during the financial year covered by
our audit and during 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
bank.
(xii) As explained to us, the company has not granted any loans or
advances on the basis of security by way of pledge of shares,
(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 and according to the information and explanations
given to us, the company has maintained proper records of transactions
and contracts of investment in Shares and timely entries have been made
therein. All the investments have been held by the Company in its own
name.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) In our opinion, no term loans had been raised during the year.
(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 no funds raised on short term basis have been used for long-term
investment.
(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.
(xix) As the company has no debenture outstanding at any time during
the year, the provisions of clause 4 (xix) of the Companies (Auditor''s
Report) Order, 2003 are, therefore, 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
course of our audit.
For P.L. TANDON & CO.
Chartered Accountants
Firm Reg. No. 000186C
ANIL KUMAR AGARWAL
Partner
Membership No. 071548
Place :Kanpur
Dated : 29.05.2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of JayKay
Enterprises Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2013, 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 for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) In the case of the statement of Profit and Loss, of the profit 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, 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 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, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORS'' REPORT Re: JAYKAY ENTERPRISES LIMITED
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date)
(i) In respect of its Fixed Assets:
(a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management during
the year.
(c) In our opinion and according to the information and explanations
given to us, the Company has not made substantial disposal of fixed
assets during the year.
(ii) In respect of its Inventories:
The Company has stock in trade of Land and Building only and,
therefore, the provisions of clause 4(ii)(a), (b) and (c) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
(iii) In respect of loans, secured or unsecured, granted or taken by
the company to or from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act 1956,
according to the information and explanations given to us :
(a) The company has not granted any Loans to companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. As the company has not granted any Loans secured
or unsecured to parties listed in the register maintained under section
301 of the Companies Act, 1956, the provisions of clause 4(iii)(b), (c)
and (d) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
(e) The company had taken interest free unsecured Loans from Four
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs.1400 Lacs and the yearend balance of Loans taken from such parties
was Rs.NIL.
(f) The above Loans are interest free and other terms and conditions on
which Loans have been taken from 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.
(g) No terms and conditions of repayment of Loans have been stipulated.
(iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system of the company.
(v) In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act, 1956 :
(a) According to the information and explanations given to us, we are
of the opinion that the particulars of all contracts or arrangements
that need to be entered into the register maintained under section 301
of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. Five Lacs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market price at the relevant
time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
provisions of sections 58A and 58AA and other relevant provisions of
the Companies Act, 1956. Therefore, the provisions of clause 4(vi) of
the Companies (Auditor''s Report) Order, 2003, are not applicable to the
Company.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of its business. (viii) No
manufacturing activities have been carried out during the year, the
provisions of clause 4(viii) of the Companies (Auditor''s Report) Order,
2003 are, therefore, not applicable to the Company.
(ix) According to the information and explanations given to us, in
respect of statutory and other dues:
(a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education protection fund, employees'' state insurance, income
tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess
and any 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, sales tax, wealth
tax ,service tax, custom duty , excise duty were in arrear as at 31st
March, 2013 for a period more than six months from the date they became
payable.
(x) The company does not have accumulated losses at the end of the year
and has not incurred cash losses during the financial year covered by
our audit and during 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
bank.
(xii) As explained to us, the company has not granted any loans or
advances on the basis of security by way of pledge of shares,
(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 and according to the information and explanations
given to us, the company has maintained proper records of transactions
and contracts of investment in Shares and timely entries have been made
therein. All the investments have been held by the Company in its own
name.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) In our opinion, no term loans had been raised during the year.
(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 no funds raised on short term basis have been used for long-term
investment.
(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.
(xix) As the company has no debenture outstanding at any time during
the year, the provisions of clause 4 (xix) of the Companies (Auditor''s
Report) Order, 2003 are, therefore, 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
course of our audit.
For P.L. TANDON & CO.
Chartered Accountants
Firm Reg. No. 000186C
ANIL KUMAR AGARWAL
Place :Kanpur Partner
Dated : 21.05.2013 Membership No. 071548
Mar 31, 2012
1. We have audited the attached Balance Sheet of Jaykay Enterprises
Limited as at 31st March, 2012, the Profit and Loss Statement and also
the Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit also
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we give in the Annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
4. Further to our comments in the Annexure referred to above, we
report that:-
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) In our opinion, proper books of account, as required by law, have
been kept by the company so far as appears from our examination of
those books;
c) The Balance Sheet, Profit and Loss Statement and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Statement and the
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 except liability for Leave Encashment and
Gratuity have been provided on the basis of actual liability determined
by the management as on 31-03-2012.
e) 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 a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts read with notes 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 Profit & Loss Statement 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.
ANNEXURE TO THE AUDITORS' REPORT Re: JAYKAY ENTERPRISES LIMITED
(Referred to in Paragraph (3) of our report of even date)
(i) In respect of its Fixed Assets:
(a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management during
the year.
(c) In our opinion and according to the information and explanations
given to us, the Company has not made substantial disposal of fixed
assets during the year.
(ii) In respect of its Inventories:
The Company has stock in trade of Land and Building only and,
therefore, the provisions of clause 4(ii)(a), (b) and (c) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
(iii) In respect of loans, secured or unsecured, granted or taken by
the company to or from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act 1956,
according to the information and explanations given to us :
(a) The company has not granted any Loans to companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. As the company has not granted any Loans secured
or unsecured to parties listed in the register maintained under section
301 of the Companies Act, 1956, the provisions of clause 4(iii)(b), (c)
and (d) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(e) The company had taken interest free unsecured Loans from Four
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs.1600 Lacs and the yearend balance of Loans taken from such parties
was Rs.1400 Lacs.
(f) The above Loans are interest free and other terms and conditions on
which Loans have been taken from 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.
(g) No terms and conditions of repayment of Loans have been stipulated.
(iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system of the company. (v) In respect
of transactions entered in the register maintained in pursuance of
Section 301 of the Companies Act, 1956 :
(a) According to the information and explanations given to us, we are
of the opinion that the particulars of all contracts or arrangements
that need to be entered into the register maintained under section 301
of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. Five Lacs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market price at the relevant
time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
provisions of sections 58A and 58AA and other relevant provisions of
the Companies Act, 1956. Therefore, the provisions of clause 4(vi) of
the Companies (Auditor's Report) Order, 2003, are not applicable to the
Company.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) No manufacturing activities have been carried out during the
year, the provisions of clause 4(viii) of the Companies (Auditor's
Report) Order, 2003 are, therefore, not applicable to the Company.
(ix) According to the information and explanations given to us, in
respect of statutory and other dues:
(a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education protection fund, employees' state insurance, income
tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess
and any other material statutory dues applicable to it.
(b) According to the information and explanations given to us,
following undisputed amount was payable in respect of aforesaid dues
which was in arrears as at 31st March, 2012 for a period more than Six
months from the date they became payable.
Name of Statute Nature of the Dues Amount Period to
(Rs. in Lacs) which amount
relates
Central Excise Excise & Custom 44.75 Various
and Custom and interest
Act thereon years
(c) According to the records of the company, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty and cess which have
not been deposited on account of any dispute, are as follows :-
Name of Nature of Amount Period to Forum where
Statute the Dues (Rs. in which dispute is
Lacs) amount pending
relates
Trade Tax Trade Tax 8.19 1985-86 & Trade Tax Tribunal
Act 1987-88
Provident Damages 76.45 Various Assistant Provident
Fund Act Years Fund Commissioner,
Kota.
Central Excise / 2275.06 Various Asst. Commissioner
Excise & Custom and Years Central Excise
Custom Act Interest Division, Kota/
thereon Supreme Court/
Custom Department,
Mumbai.
(x) The company's accumulated losses at the end of the financial year
exceeded the net worth of the company. The company has not incurred
cash losses during the financial year covered by our audit and during
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
bank.
(xii) As explained to us, the company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any 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 and according to the information and explanations
given to us, the company has maintained proper records of transactions
and contracts of investment in Shares and timely entries have been made
therein. All the investments have been held by the Company in its own
name.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) In our opinion, no term loans had been raised during the year.
(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 no funds raised on short term basis have been used for long-term
investment.
(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.
(xix) As the company has no debenture outstanding at any time during
the year, the provisions of clause 4 (xix) of the Companies (Auditor's
Report) Order, 2003 are, therefore, 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
course of our audit.
For P.L. TANDON & CO.
Chartered Accountants
Firm Reg. No. 000186C
ANIL KUMAR AGARWAL
Place : Kanpur Partner
Dated : 28.05.2012 Membership No. 071548
Mar 31, 2011
1. We have audited the attached Balance Sheet of Jaykay Enterprises
Limited as at 31 st March, 2011, the Profit and Loss Account and also
the Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit also
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (.4A) of
Section 227 of the Companies Act, 1956, we give in the Annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
4. Further to our comments in the Annexure referred to above, we
report that:-
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) In our opinion, proper books of account, as required by law, have
been kept by the company so far as appears from our examination of
those books,
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and the
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 except liability for Leave Encashment and
Gratuity have been provided on the basis of actual liability determined
by the management as on 31-03- 2011.
e) On the basis of written representations received from the directors,
as on 31 st 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 a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts read with notes 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 & 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.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in Paragraph (3) of our report of even date)
(i) In respect of its Fixed Assets;
(a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets other than
furniture and fixtures and office equipments.
(b) Fixed assets have been physically verified by the management during
the year except as stated in (a) above.
(c) The company has not disposed off fixed assets during the year.
(ii) In respect of its Inventories:
The Company has stock in trade of Land and Building only and,
therefore, the provisions of clause 4(ii)(a), (b) and (c) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
(iii) In respect of loans, secured or unsecured, granted or taken by
the company to or from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956,
according to the information and explanations given to us :
(a) The company has not granted any Loans to companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. As the company has not granted any Loans secured
or unsecured to parties listed in the register maintained under section
301 of the Companies Act, 1956, the provisions of clause 4(iii)(b), (c)
and (d) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(e) The company had taken interest free unsecured Loans from two
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs.2000 Lacs and the yearend balance of Loans taken from such parties
was Rs.1600 Lacs.
(f) The above Loans are interest free and other terms and conditions on
which Loans have been taken from 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.
(g) No terms and conditions of repayment of Loans have been stipulated.
(iv) In our opinion and according to the information and explanations
given to us,
there exists an adequate internal control system commensurate with the
size of the company and the nature of its business with regard to
purchases of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system of the company. (v) In respect of transactions entered
in the register maintained in pursuance of Section 301 of the Companies
Act, 1956 :
(a) According to the information and explanations given to us, we are
of the opinion that the particulars of all contracts or arrangements
that need to be entered into the register maintained under section 301
of the Companies' Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. Five Lacs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market price at the relevant
time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
provisions of sections 58A and 58AA and other relevant provisions of
the Companies Act, 1956. Therefore, the provisions of clause 4(vi) of
the Companies (Auditor's Report) Order, 2003, are not applicable to the
Company.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) No manufacturing activities have been carried out during the
year, the provisions of clause 4(viii) of the Companies (Auditor's
Report) Order, 2003 are, therefore, not applicable to the Company.
(ix) According to the information and explanations given to us, in
respect of statutory and other dues:
(a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education protection fund, employees' state insurance, income
tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess
and any other material statutory dues applicable to it.
(b) According to the information and explanations given to us,
following undisputed amount was payable in respect of aforesaid dues
which was in arrears as at 31st March, 2011 for a period more than Six
months from the date they became payable.
Name of Nature of Amount Period to
Statute Dues Rs. in Lacs) which amount
relates
Central Excise & 44.75 Various
Excise Custom
and Custom and interest years
thereon
Act
(c) According to the records of the company, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty and cess which have
not been deposited on account of any dispute, are as follows :-
Name of Nature of Amount Period to Forum where
Statute Dues (Rs. in which dispute is
Lacs) amount pending
relates
Trade Trade 8.19 1985-86 & Trade Tax
Tax Tax Tribunal
Act 1987-88
Provident Damages 76.45 Various Assistant
Provident
Fund Act Years Fund Commis
-sioner,Kota.
Central Excise 2275.06 Various AssL Commissi
-oner
Excise & Duty and Years Central Excise
Custom Act Interest Division, Kota/
Supreme Court/
Custom Department
Mumbai.
Income Tax Income 109.06 2004-05 Commissioner of
Act tax and Income Tax
Interest (Appeals)
thereon
(x) The company's accumulated losses at the end of the financial year
exceeded the net worth of the company. The company has not incurred
cash losses during the financial year covered by our audit and during
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 bank.
(xii) As explained to us, the company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any 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 and according to the information and explanations
given to us, the company has maintained proper records of transactions
and contracts of investment in Shares and timely entries have been made
therein. All the investments have been held by the Company in its own
name.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) In our opinion, the term loans had been applied for the purpose
for which they were raised.
(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 no funds raised on short term basis have been used for long-term
investment.
(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.
(xix) As the company has no debenture outstanding at any time during
the year, the provisions of clause 4 (xix) of the Companies (Auditor's
Report) Order, 2003 are, therefore, 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
course of our audit.
For P.L TANDON & CO.
Chartered Accountants
Firm Reg. No. 000186C
RAJENDRA GUPTA
Partner
Membership No. 73250
Place : Kanpur
Dated : 27th May, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of J.K. Synthetics
Limited, as at 31st March, 2010, the Profit and Loss Account and also
the Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit also
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we give in the Annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
4: Further to our comments in the Annexure referred to above, we report
that :-
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) In our opinion, proper books of account, as required by law, have
been kept by the company so far as appears from our examination of
those books;
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and the
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 except liability for Leave Encashment and
Gratuity have been provided on the basis of actual liability determined
by the management as on 31-03-2010.
e) On the basis of written representations received from the directors,
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2010 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts read with notes 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 31 st March, 2010;
(b) in the case of the Profit & 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.
ANNEXURE TO THE AUDITORS REPORT (Referred to in Paragraph (3) of our
report of even date) (i) In respect of its Fixed Assets ;
(a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets other than
furniture and fixtures and office equipments.
(b) Fixed assets have been physically verified by the management during
the year except as stated in (a) above.
(c) The company has disposed off substantial part of fixed assets as
per scheme approved by Honble AAIFR.
(ii) In respect of its Inventories :
The Company has stock in trade of Land and Building only and,
therefore, the provisions of clause 4(ii)(a), (b) and (c) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
(iii) In respect of loans, secured or unsecured, granted or taken by
the company to or from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act 1956,
according to the information and explanations given to us :
(a) The company has not granted any Loans to companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. As the company has not granted any Loans secured
or unsecured to parties listed in the register maintained under section
301 of the Companies Act, 1956, the provisions of clause 4(iii)(b), (c)
and (d) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(e) The company had taken interest free unsecured Loans from four
parties covered in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs.3800 Lacs and the year end balance of Loans taken from such parties
was Rs.2000 Lacs.
(f) The above Loans are interest free and other terms and conditions on
which Loans have been taken from 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.
(g) No terms and conditions of repayment of Loans have been stipulated.
(iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system of the company.
(v) In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act, 1956 :
(a) According to the information and explanations given to us, we are
of the opinion that the particulars of all contracts or arrangements
that need to be entered into the register maintained under section 301
of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. Five Lacs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market price at the relevant
time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
provisions of sections 58A and 58AA and other relevant provisions of
the Companies Act, 1956. Therefore, the provisions of clause 4(vi) of
the Companies (Auditors Report) Order, 2003, are not applicable to the
Company.
(vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) No manufacturing activities have been carried out during the
year, the provisions of clause 4(viii) of the Companies (Auditors
Report) Order, 2003 are, therefore, not applicable to the Company.
(ix) According to the information and explanations given to us, in
respect of statutory and other dues:
(a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education protection fund, employees state insurance, income
tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess
and any other material statutory dues applicable to it.
(b) According to the information and explanations given to us,
following undisputed amount was payable in respect of aforesaid dues
which was in arrears as at 31st March, 2010 for a period more than Six
months from the date they became payable.
Name of Statute Nature of Dues Amount Period to
(Rs. in Lacs) which amount
relates
Central Excise Excise & Custom 44.75 Various
and Custom and interest
thereon years
Act
(c) According to the records of the company, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty and cess which have
not been deposited on account of any dispute, are as follows :-
Name of Nature of Amount Period to Forum where
Statute Dues (Rs. in which amount dispute is
Lacs) relates pending
Trade Tax Trade Tax 8.19 1985-86 & Trade Tax
Tribunal
Act 1987-88
Provident Damages 76.45 Various Assistant
Provident
Fund Act Years Fund Commissioner,
Kota.
Central Excise 2275.06 Various Asst. Commiss-
ioner
Excise & Duty and Years Central Excise
Custom Act Interest Division, Kota/
Supreme Court/
Custom Depart-
ment,
Mumbai,
Income Tax Income 109.06 2004-05 Commissioner of
Act tax and Income Tax
Interest (Appeals)
thereon
(x) The companys accumulated losses at the end of the financial year
exceeded the net worth of the company. The company has not incurred
cash losses during the financial year covered by our audit and during
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
bank.
(xii) As explained to us, the company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any 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 (Auditors Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion and according to the information and explanations
given to us, the company has maintained proper records of transactions
and contracts of investment in Shares and timely entries have been made
therein. All the investments have been held by the Company in its own
name.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(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 no funds raised on short term basis have been used for long-term
investment.
(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.
(xix) As the company has no debenture outstanding at any time during
the year, the provisions of clause 4 (xix) of the Companies (Auditors
Report) Order, 2003 are, therefore, 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
course of our audit.
For P.L TANDON & CO.
Chartered Accountants
Firm Reg. No. 000186C
RAJENDRA GUPTA
Place : Kanpur Partner
Dated : May 21, 2010 Membership No. 73250
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