Mar 31, 2014
We have audited the accompanying financial statements of M/S JEET
MACHINE TOOLS LTD, which comprise the Balance Sheet as at March 31,
2014, and 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.
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. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the statement of Profit and Loss, of the Loss for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Reports on other Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to the auditors report of even date to the members of M/S JEET
MACHINE TOOLS LTD.
i) a) The Company has maintained proper records showing full
particulars, Including quantitative details and the situation of its
fixed assets.
b) All fixed assets are physically verified by the management during
the year. In our opinion, the frequency of verification of the fixed
assets by the management is reasonable having regard to the size of the
Company and the nature of its assets. There were no discrepancies
noticed during the physical verification conducted by management.
c) During the year no assets has been disposed off, therefore do not
effect the going concern assumptions.
ii) a) The inventory have been physically verified by the management at
reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures for physical verification of inventory
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion the company has maintained proper records of
inventory. The discrepancies between the physical stocks and the stocks
in books were not material and have been properly dealt with in the
books of account.
iii) During the year, the company has not granted any loans to 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
provided to us there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and for
sale of goods. During the course of out audit no major weakness has
been noticed in the internal control.
v) Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that there were no transactions entered into by the company
that need to be entered into the register maintained u/s 301 of the
Act. Accordingly, clause (v)(b) of the Order is not applicable.
viii) The company is not required to maintain cost records pursuant to
the rules made by the Central Government under section 209(1)(d) of the
Companies Act, 1956.
ix) (a) According to the records, information and explanations provided
to us, the company is generally regular in depositing with appropriate
authorities undisputed amount of provident fund, sales tax, employee''s
state insurance, income tax and other statutory dues applicable to it
and no undisputed amounts payable were outstanding as at 31st March,
2014 for a period of more than six months from the date they became
payable.
(b) On the basis of examination of the documents and records of the
company and the information and explanations given to us upon our
enquiries in this regard , disputed amounts payable in respect to
Income-tax, Sales Tax, Wealth-Tax, Service Tax, Custom duty and Excise
Duty / Cess not deposited with the appropriate authorities is NIL.
x) The company does not have accumulated losses but it has incurred
cash losses during the current financial year and also in the
immediately preceding financial year.
xi) Based on our procedures and on the information and explanations
given by the management, the company has not availed and funds /
facilities from the financial institution or bank.
xii) Based on our examination and according to the information and
explanations given to us, the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii) The company is not a chit / nidhi / mutual benefit fund/ society
and clause (xiii) of the order is not applicable.
xiv) In our opinion and according to the information and explanations
given to us, proper records have been maintained of the transactions
and contracts relating to dealing in shares, securities and debentures
and timely entries have been made in such records. All the investments
are in the name of the company.
xv) On the basis of the information and explanations given to us the
Company has not given any guarantee for loans taken by others from bank
or financial institution.
xvi) There was no term loan availed by the company and outstanding
during the year.
xvii) On the basis of our examination of the books of accounts and the
information and explanations given to us, in our opinion, the funds
raised on short-term basis have not been used for long term investment
and vice versa.
xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
xix) The company did not have any outstanding debentures during the
year.
xx) The company has not raised any money by way of public issues during
the year.
xxi) Based on the audit procedure performed and information and
explanations given to us by the management, we report that no fraud on
or by the company has been noticed or reported during the course of our
audit.
For J. S. BHATIA & CO.,
CHARTERED ACCOUNTANTS.
PLACE : MUMBAI J. S. BHATIA
DATE : 26/05/2014 PROPRIETOR
M.No:034290
Mar 31, 2013
Report nit financial Statements
We have audited the accompanying financial statements of M/S JEET
MACHINE TOOLS LTD, which comprise the Balance Sheet as at March 31,
2011. and the Statement of Profit and Loss and Cash Kluw Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s responsibility Tor the financial statements
Management is responsible for die 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-see lion (3C) of section
211 of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of interna J
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 < hartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform Ihe audit to ohlain
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 Ihe financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
inciudes evaluating the appropriateness of accounting policies used and
the reasonableness of die accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given * to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
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 the Cash Flow Statement, of the cash flows for the
year ended on that date,
Reports on other 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 (4 A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
*
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account,
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 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 (!) of
section 274 of the Companies Act, 1956.
Annexure to the auditors report of even date to the members of M/S JEET
MACHINE TOOLS LTD,
i) a) The Company has maintained proper records showing full
particulars. including quantitative details and the situation of its
fixed assets.
b) All fixed assets are physically verified by the management during
the year. ; In our opinion, the frequency of verification of the fixed
assets by the management is reasonable having regard to the size of the
Company and the nature of its assets. There were no discrepancies
noticed during the physical verification conducted by management.
c) The assets disposed off during the year are not significant and
therefore do not effect the going concern assumptions.
ii) a) The inventory have been physically verified by the management at
reasonable intervals.
b) En our opinion and according to the information and explanations
given to us, the procedures for physical verification of inventory
foJlowed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion the company has maintained proper records of
inventory. The discrepancies between the physical stacks and the
stocks in books were not material and have been properly dealt with in
the books of account.
iii) During the year, the company has not granted any loans to parties
listed in the register maintained under section 301 of the Companies
Act, 1956.
iv) Id our opinion and according to the information and explanations
provided to us there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and for
safe of goods. During the course of out audit no major weakness has
been noticed in the internal control.
v) Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that there were no transactions entered into by the company
that need to be entered into the register maintained u/s 301 of the
Act. Accordingly, clause (v)(b) of the Order is not applicable.
viii) The company is not required to maintain cost records pursuant to
the rules made by the Central Government under section 209(1 )(d) of
the Companies Act, 1956.
ix) (a) According to the records, information and ex p I ana (ions
provided to us, the company is generally regular in depositing with
appropriate authorities undisputed amount of provident fund, sales tax,
employee''s stale insurance, income tax and other statutory dues
applieshte to it and no undisputed amounts payable were outstanding as
al 31" March. 2013 for a period of more than six months from the dale
(hey became payable.
(b) On the basis of examination of the documents and records of the
company and the information and explanations given to us upon our
enquiries in this regard . disputed amounts payable in respect to
income-tax. Sales Tax. Wealth-Tax. Service Tax, Custom duty and Excise
Duty / Cess not deposited wtth the appropriate authorities is NIL
x) The company neither has accumulated tosses nor it has incurred any
cosh losses during the current financial year and the immediately
preceding financial year.
xi) Based on our procedures and on the information and explanations
given by the management, the company has not availed and funds/
facilities from the financial institution or bank.
xii) Based on our examination and according to the information and
explanations given to us, the Company has not granted loans find
advances on the basis of security by way or pi edge of shares,
debentures and other securities.
xiii) The company is not a chit / nidhi / mutual benefit fund/ society
and clause {xiii) of the order is not applicable.
xivi In our opinion and according to the information and explanations
given to us, proper records have been maintained of I he transactions
and contracts relating to dealing in shares, securities and debentures
and timely entries have been made in such records. All the investments
are in the name of the company.
xv) On the basis of the inlornutiion and explanations given to us the
Company has not given any guarantee for loans taken by others from bank
or financial institution.
xvi) There was no term loan availed by the company and outstanding
during Lhe year,
xvii) On the basis of our examination of the books of accounts and the
information and explanations given to us, in our opinion, the funds
raised on short-term basis have not been used for long term investment
and vice versa.
xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
xix) The company did not have any outstanding debentures during the
year.
xx) The company has not raised any money by way of public issues during
the year.
xxi) Bailed on the audit procedure performed and information ond
explanations given to us by the management, we report that no fraud on
or by the eompuny has been noticed or reported during the course ofour
audit,
For J. S. BUATIA & CO-,
CHARTERED ACCOUNTANTS.
PLACE : MUMBAT J. S. BHATIA
DATE : 15/05/2013 PROPRIETOR
M.No:0J4290
Mar 31, 2012
We have audited the attached Balance Sheet of M/s JEET MACHINE TOOLS
LTD., as on 31st March 2012 and also the Profit & Loss Account for the
year ended on that date and cash flow statement for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements 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 misstatements. An audit also includes
examining, on 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 the 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, (the
Order) issued by the Central Government of India in terms of
sub-section (4 A) of Section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in 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 purposes 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, Profit & Loss Account dealt with by this report
are in agreement with the books of accounts.
iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956.
v) On the basis of written representations received from the directors
as on March 31,2012 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31, 2012
from being appointed as a 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 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 Profit & Loss Account, of the Loss for the year ended
on that date.
c) In case of Cash Flow statement, of the cash flows for the year ended
on that date.
Annexure to the auditors report of even date to the members of M/s Jeet
Machine Tools Ltd.
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and the situation of its
fixed assets.
b) All fixed assets are physically verified by the management during
the year. In our opinion, the frequency of verification of the fixed
assets by the management is reasonable having regard to the size of the
Company and the nature of its assets. There were no discrepancies
noticed during the physical verification conducted by management.
c) The assets disposed off during the year are not significant and
therefore do not effect the going concern assumptions.
ii) a) The inventory have been physically verified by the management at
reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures for physical verification of inventory
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion the company has maintained proper records of
inventory. The discrepancies between the physical stocks and the stocks
in books were not material and have been properly dealt with in the
books of account.
iii) During the year, the company has not granted any loans to 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
provided to us there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and for
sale of goods. During the course of out audit no major weakness has
been noticed in the internal control.
v) Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that there were no transactions entered into by the company
that need to be entered into the register maintained u/s 301 of the
Act. Accordingly, clause (v)(b) of the Order is not applicable.
vi) The company has not accepted any deposits from the public during
the year.
vii) The company has a system of internal audit which, in our opinion,
is commensurate with its size and nature of its business.
viii) The company is not required to maintain cost records pursuant to
the rules made by the Central Government under section 209(l)(d) of the
Companies Act, 1956.
ix) (a) According to the records, information and explanations provided
to us, the company is generally regular in depositing with appropriate
authorities undisputed amount of provident fund, sales tax, employee's
state insurance, income tax and other statutory dues applicable to it
and no undisputed amounts payable were outstanding as at 31st March,
2012 for a period of more than six months from the date they became
payable.
(b) On the basis of examination of the documents and records of the
company and the information and explanations given to us upon our
enquiries in this regard , disputed amounts payable in respect to
Income-tax, Sales Tax, Wealth-Tax, Service Tax, Custom duty and Excise
Duty / Cess not deposited with the appropriate authorities are as
follows:
SrNo. STATUTES FORUMS TOTAL
Commissioner Appeals
1. Income Tax 1,20,752 1,20,752
A.Y. 06-07
2. Income Tax 3,93,676 3,93,676
A.Y. 07-08
5,14,428
x) The company neither has accumulated losses nor it has incurred any
cash losses during the current financial year and the immediately
preceeding financial year.
xi) Based on our procedures and on the information and explanations
given by the management, the company has not availed and funds /
facilities from the financial institution or bank.
xii) Based on our examination and according to the information and
explanations given to us, the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii) The company is not a chit / nidhi / mutual benefit fund/ society
and clause (xiii) of the order is not applicable.
xiv) In our opinion and according to the information and explanations
given to us, proper records have been maintained of the transactions
and contracts relating to dealing in shares, securities and debentures
and timely entries have been made in such records. All the investments
are in the name of the company.
xv) On the basis of the information and explanations given to us the
Company has not given any guarantee for loans taken by others from bank
or financial institution.
xvi) There was no term loan availed by the company and outstanding
during the year.
xvii) On the basis of our examination of the books of accounts and the
information and explanations given to us, in our opinion, the funds
raised on short-term basis have not been used for long term investment
and vice versa.
xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
xix) The company did not have any outstanding debentures during the
year.
xx) The company has not raised any money by way of public issues during
the year.
xxi) Based on the audit procedure performed and information and
explanations given to us by the management, we report that no fraud on
or by the company has been noticed or reported during the course of our
audit.
ForJ.S. BHATIA&CO.,
CHARTERED ACCOUNTANTS.
PLACE : MUMBAI J.S.BHATIA
DATE : 01/09/2012 PROPRIETOR
M.No: 34290
Mar 31, 2011
We have audited the attached Balance Sheet of M/s JEET MACHINE TOOLS
LTD., as on 31st March 2011 and also the Profit & Loss Account for the
year ended on that date and cash flow statement for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements 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 misstatements. An audit also includes
examining, on 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 the 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, (the
Order) 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 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 purposes 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, Profit & Loss Accounts the by this report
are in agreement with the books of accounts
iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956.
v) On the basis of written representations received from the directors
as on March 31,2011 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31, 2011
from being appointed as a 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 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 Profit & Loss Account, of the Profit for the year
ended on that date.
c) In case of Cash Flow statement, of the cash flows for the year ended
on that date.
Annexure to the auditors report of even date to the members of M/s Jeet
Machine Tools Ltd.
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and the situation of its
fixed assets.
b) All fixed assets are physically verified by the management during
the year. In our opinion, the frequency of verification of the fixed
assets by the management is reasonable having regard to the size of the
Company and the nature of its assets. There were no discrepancies
noticed during the physical verification conducted by management.
c) The assets disposed off during the year are not significant and
therefore do not effect the going concern assumptions.
ii) a) The inventory have been physically verified by the management at
reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures for physical verification of inventory
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion the company has maintained proper records of
inventory. The discrepancies between the physical stocks and the stocks
in books were not material and have been properly dealt with in the
books of account.
iii) During the year, the company has not granted any loans to 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
provided to us there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and for
sale of goods. During the course of out audit no major weakness has
been noticed in the internal control.
v) Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that there were no transactions entered into by the company
that need to be entered into the register maintained u/s 301 of the
Act. Accordingly, clause (v)(b) of the Order is not applicable.
vi) The company has not accepted any deposits from the public during
the year.
vii) The company has a system of internal audit which, in our opinion,
is commensurate with its size and nature of its business.
viii) The company is not required to maintain cost records pursuant to
the rules made by the Central Government under section 209(1 )(d) of
the Companies Act, 1956.
ix) (a) According to the records, information and explanations provided
to us, the company is generally regular in depositing with appropriate
authorities undisputed amount of provident fund, sales tax, employee's
state insurance, income tax and other statutory dues applicable to it
and no undisputed amounts payable were outstanding as at 31st March,
2011 for a period of more than six months from the date they became
payable.
(b) On the basis of examination of the documents and records of the
company and the information and explanations given to us upon our
enquiries in this regard , disputed amounts payable in respect to
Income-tax, Sales Tax, Wealth-Tax, Service Tax, Custom duty and Excise
Duty / Cess not deposited with the appropriate authorities are as
follows:
Sr No. STATUTES FORMUS TOTAL
Commissioner appeals
1. Income 1,20,752 1.20,752
A.Y.06-07
2. Income Tax 3,93,676 3,93,676
A.Y. 07-08
5,14,428
x) The company neither has accumulated losses nor it has incurred any
cash losses during the current financial year and the immediately
preceding financial year.
xi) Based on our procedures and on the information and explanations
given by the management, the company has not availed and funds /
facilities from the financial institution or bank.
xii) Based on our examination and according to the information and
explanations given to us, the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii) The company is not a chit / nidhi / mutual benefit fund/ society
and clause (xiii) of the order is not applicable.
xiv) In our opinion and according to the information and explanations
given to us, proper records have been maintained of the transactions
and contracts relating to dealing in shares, securities and debentures
and timely entries have been made in such records. All the investments
are in the name of the company.
xv) On the basis of the information and explanations given to us the
Company has not given any guarantee for loans taken by others from bank
or financial institution.
xvi) There was no term loan availed by the company and outstanding
during the year.
xvii) On the basis of our examination of the books of accounts and the
information and explanations given to us, in our opinion, the funds
raised on short-term basis have not been used for long term investment
and vice versa.
xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
xix) The company did not have any outstanding debentures during the
year.
xx) The company has not raised any money by way of public issues during
the
XXI) Based on the audit procedure performed and information and
explanations given to us by the management, we report that no fraud
on or by the company has been noticed or reported during the course
of our audit.
For J. S. BHATIA & CO.,
CHARTERED ACCOUNTANTS
J. S. BHATIA
M.No: 34290
PLACE : MUMBAI
DATE : 24/05/2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/s JEET MACHINE TOOLS
LTD., as on 31st March 2010 and also the Profit & Loss Account for the
year ended on that date and cash flow statement for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements 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 misstatements. An audit also includes
examining, on 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 the 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, (the
Order) 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 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 purposes 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, Profit & Loss Account dealt with by this report
are in agreement with the books of accounts.
iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub- section (3C) of section 211 of the
Companies Act, 1956.
v) On the basis of written representations received from the directors
as on March 31,2010 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31, 2010
from being appointed as a 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 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 Profit & Loss Account, of the Profit for the year
ended on that date.
c) In case of Cash Flow statement, of the cash flows for the year ended
on that date.
Annexure to the auditors report of even date to the members of M/s Jeet
Machine Tools Ltd.
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and the situation of its
fixed assets.
b) All fixed assets are physically verified by the management during
the year. In our opinion, the frequency of verification of the fixed
assets by the management is reasonable having regard to the size of the
Company and the nature of its assets. There were no discrepancies
noticed during the physical verification conducted by management.
c) The assets disposed off during the year are not significant and
therefore do not effect the going concern assumptions.
ii) a) The inventory have been physically verified by the management at
reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures for physical verification of inventory
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion the company has maintained proper records of
inventory. The discrepancies between the physical stocks and the stocks
in books were not- material and have been properly dealt with in the
books of account.
iii) During the year, the company has not granted any loans to 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
provided to us there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and for
sale of goods. During the course of out audit no major weakness has
been noticed in the internal control.
v) Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that there were no transactions entered into by the company
that need to be entered into the register maintained u/s 301 of the
Act. Accordingly, clause (v)(b) of the Order is not applicable.
vi) The company has not accepted any deposits from the public during
the year.
vii) The company has a system of internal audit which, in our opinion,
is commensurate with its size and nature of its business.
viii) The company is not required to maintain cost records pursuant to
the rules made by the Central Government under section 209(1 )(d) of
the Companies Act, 1956.
ix) (a) According to the records, information and explanations provided
to us, the company is generally regular in depositing with appropriate
authorities undisputed amount of provident fund, sales tax, employees
state insurance, income tax and other statutory dues applicable to it
and no undisputed amounts payable were outstanding as at 31st March,
2010 for a period of more than six months from the date they became
payable.
(b) On the basis of examination of the documents and records of the
company and the information and explanations given to us upon our
enquiries in this regard , disputed amounts payable in respect to
Income-tax, Sales Tax, Wealth-Tax, Service Tax, Custom duty and Excise
Duty / Cess not deposited with the appropriate authorities are as
follows:
Sr No. STATUTES FORUMS TOTAL
Commissioner Appeals
1. Income Tax 1,20,752 1,20,752
A.Y. 06-07
2. Income Tax 3,93,676 3,93,676
A.Y. 07-08
514,428
x) The Company neither has accumulated losses nor it has incurred any
cash losses during the current financial year and the immediately
preceeding financial year.
xi) Based on our procedures and on the information and explanations
given by the. management, the company has not availed and funds /
facilities from the financial institution or bank.
xii) Based on. our examination and according to the information and
explanations given to us, the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii) The Company is not a chit / nidhi / mutual benefit fund/ society,
and clause (xiii) of the order is not applicable.
xiv) In our opinion and according to the information and explanations
given to us, proper records have been maintained of the transactions
and contracts relating to dealing in shares, securities and debentures
and timely entries have been made in such records. All the investments
are in the name of the company.
xv) On the basis of the information and explanations given to us the
Company has not given any guarantee for loans taken by others from bank
or financial institution.
xvi) There was no term loan availed by the company and outstanding
during the year.
xvii) On the basis of our examination of the books of accounts and the
information and explanations given to us, in our opinion, the funds
raised on short-term basis have not been used for long term investment
and vice versa.
xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
xix) The company did not have any outstanding debentures during the
year.
xx) The company has not raised any money by way of public issues during
the year.
xxi) Based on the audit procedure performed and information and
explanations given to us by the management, we report that no fraud on
or by the company has been noticed or reported during the course of our
audit.
For J. S. BHATIA & CO.,
CHARTERED ACCOUNTANTS
J. S. BHATIA
M.No: 34290
PLACE : MUMBAI
DATE: 29/05/2010