Mar 31, 2015
We have audited the accompanying standalone financial statements of J.
J. Finance Corporation Limited ("the Company")which comprise the
Balance Sheet as at March 31, 2015, the Statement of Profit and Loss
and 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 that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including 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 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 standalone
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
thereunder.
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 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 controls relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by 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 Act, we give in the Annexure a
statement on the matters specified in paragraphs 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; and
(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 does not have any pending litigations which would
impact its financial position.
(ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
(iii) There is no amount which were required to be transferred to the
Investor Education and Protection Fund by the Company during the year.
ANNEXURE to the auditors' report
The Annexure referred to in our Independent Auditors' Report "Report on
Other Legal and Regulatory Requirements" to the members of the J. J.
Finance Corporation Limited (the Company) on the standalone financial
statements for the year ended 31 March 2015, we report that :
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) These fixed assets have been physically verified by the management
at reasonable intervals during the year. No material discrepancies were
noticed on such verification.
(ii) (a) The inventory has been physically verified during the year by
the management at reasonable intervals.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) The Company has maintained proper records of inventory. There were
no material discrepancies noticed on physical verification of inventory
as compared to the book records.
(iii) The company has granted unsecured loans , repayable on demand, to
a company covered in the register maintained under section 189 of the
Companies Act, 2013 . As per information and explanation given to us ,
there is no overdue amount; and hence Clauses (iii) (a) & (b) are not
applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory & fixed assets and sale of goods and services.
We have not observed any major weakness in the internal control system
during the course of the audit.
(v) The Company has not accepted any deposits from the public; and
hence, para 3(v) of the Order is not applicable.
(vi) As informed, maintenance of cost records has not been specified by
the Central Government u/s 148(1) of the Companies Act.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including provident fund, employees' state insurance,
income tax, sales tax, wealth tax, service tax, duty of customs, duty
excise , value added tax, cess and other material statutory dues, as
applicable,have been regularly deposited during the year by the Company
with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of aforesaid statutory dues were
in arrears as at 31 March 2015 for a period of more than six months
from the date they became payable.
(b) According to the information and explanations given to us, there
are no material dues of income tax or sales tax or wealth tax or
service tax or duty of customs or duty of excise or value added tax or
cess which have not been deposited with the appropriate authorities on
account of any dispute.
(c) As informed, the Company is not required to transfer any amount to
investor education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 and rules made thereunder.
(viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
(ix) As per the information and explanations given to us, the Company
has not defaulted in repayment of dues to financial institutions and
banks.
(x) According to the information and the explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xi) The Company has not availed term loans, and the question of
application of the same for intended purpose does not arise.
(xii) Based on the audit procedures performed for reporting on the true
& fair view of the financial statements and as per the information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the year under audit.
For CHATURVEDI & PARTNERS
Chartered Accountants
Firm Reg No. 307068E
CA Anup Kumar Dubey
Place : Kolkata Partner
Dated : May 28th,2015 Membership No. 054975
Mar 31, 2014
We have audited the accompanying financial statements of J J Finance
Corporation Limited ("the Company")which comprise the Balance Sheet as
at March 31, 2014, the Statement of Profit and Loss and 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
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"). The 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 the
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 the 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 the
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 profit for
the year ended on that date
(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 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, 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 in
sub section (3C) of section 211 of the act.
(e) on the basis of written representations received from the directors
as on March 31, 2014, 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 subsection (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
(REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE)
1. In respect of its fixed assets :
a) The Company has maintained proper records showings full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been verified by the
management during the year in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the period and the going concern status of the
Company is not affected.
2. a) The inventories have been physically verified during the year by
the management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of stocks followed
by the management are reasonable and adequate in relation to the size
of the company and nature of its business.
c) On the basis of our examination, we are of the opinion that the
company is maintaining proper records of inventory. No material
discrepancies were noticed on verification between the physical stocks
and the book records.
3.1 The Company has given loan to one company covered in the Register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs.100.00 lacs and the year end
aggregate balance was NIL.
In our opinion, the rate of interest and other terms and conditions on
which loan has been granted and listed in the Register maintained under
section 301 of the Companies Act, 1956 are not prima facie prejudicial
to the interest of the company.
As informed, the fresh loans granted by the company are repayable on
demand; hence the question of payment of principal amount does not
arise. However, the party has been regular in payment of interest.
There are no overdue loans granted to company listed in the register
maintained under section 301 of the Companies Act, 1956.
3.2 The Company has not taken any loan from any Company listed in the
register maintained under section 301 of the companies Act, 1956.
4. In our opinion and according to the information and explanations
gives to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the sale and purchase of stock and investments. During the
course of audit, we have not observed any major weaknesses in internal
controls system.
5. a) The particular of contracts or arrangement referred to in
section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
b) The Company has entered into transactions made in pursuance of such
contracts / arrangements have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from public.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. We have been informed that the Central Government has prescribed
the maintenance of Cost Records under Section 209 (1) (d) of the
companies Act, 1956 for any of the product of the Company.
9. In respect of statutory dues
a) The undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees State insurance, income tax,
sales tax, wealth tax, service tax, customs duty, excise duty, cess and
other statutory dues have been regularly deposited with the appropriate
authorities, No undisputed amounts payable in respect of the aforesaid
dues were outstanding as on 31stMarch, 2014 for a period of more than
six months from the date of becoming payable.
b) There are no dues outstanding of income tax, sales tax, wealth tax,
custom duty, service tax, excise duty, and cess on account of any
dispute.
10. The Company has no accumulated losses as at 31st March, 2014. The
Company has not incurred any cash loss during the year under audit and
in the immediate preceding financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund society therefore, clause 4(xiii) of Companies (AuditorsÂ
Report) order, 2003 (as amended) is not applicable to the company.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the Company in its
own name.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Company has not raised any new terms loans during the year;
and hence the question of their application for intended purpose, does
not arise.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds was raised on short-term basis which have been used for
long term investment.
18. 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 Companies Act, 1956.
19. According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued
debentures.
20. The company has not raised any money by way of public issue during
the year under audit.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year under audit that causes the financial statement to be
materially misstated.
For CHATURVEDI & PARTNERS
Chartered Accountants
Firm Reg No. 307068E
CA A. K. DUBEY
Place:Kolkata Partner
Dated:May 13, 2014 Membership No. 054975
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of JJ Finance
corporation limited ("the company") which companies the Balance sheet
as at March 31,2013 the statement of profit & loss and the cash flow
statement for the year then ended a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the financial statement.
Management''s responsible for the preparation of these financial
statements that give a true and fair view of the financial position
financial performance and such flows of the company in accordance with
the Accounting standards referred to in sub-section (3C) of section 211
of the companies Act,1956 ("Act") the responsibility includes the design
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true fair view and are free from material misstatement whether due to
fraud or error
Opinion
In our onion and to the of our information and according to the
explanations given to us the financial statement give the information
required by the act in the manner so required and give a true and fair
view in conformity faith the accounting principle generally accepted in
India.
(a) in the case of the Balance sheet of the sate of offers 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 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 paragraphs 4
and 5 of the Order.
2. As required by section 227 (3) of the Act, we report that,
(a) We have obtained at 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 kept
by the company so far as it appears from our examination of those book
(c) the Balance sheet statement of profit and loss and the cash flow
statement dealt with by report are in agreement with the books of
account.
(d) in our opinion (he Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;
(e) on I he basis of the written representations received from the
directors as on March 31, 2013, and taken on record by the. nard of
Directors, none of the directors is disqualified as on March 3T..2P13.
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.
1 In respect of its fixed assets
(a) The company has maintained proper records showings full
particulates including quantitative details and situation of fixed
assets on the basis of available information.
Q) As explained to us, the fixed assets have been verified by the
management during the year in a phased periodical manner in our opinion
is reasonable having to the size of the company and nature of its assets
no material discrepancies were noticed such physical verified
(c) in our opinion the company has not disposed of substantial part of
fixed assets during the period and the going concern status of the
company is not affected.
hence the. Cots non Âf There are no overdue loans arrant Print ln
payment of interest
Companies Act. 1956 0nlpany "steed in the register maintained under
section 3Q1 of title , of the Companies Act any Company listed in the
register from
in our opinion, the internal audit system of the 8 We hare open
informed that the. central Goy "commensurate moth its size apt) nature
of its business
3) The undisputed statutory dues including Provident Fund, investor
Education and Protection Fund Employees State Insurance, Income Tax.
Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and
other statutory dues have been regularly deposited with the appropriate
authorities. No undisputed amounts payable in respect of the aforesaid
dues were outstanding as on 31st March, 2013 for a period of more than
b.) There are no dues outstanding of income tax, sales tax, wealth tax,
custom duty, service tax, excise duty,
10 The Company lies no accumulated losses as at 31st March 2013. The
Company has not incurred any cash
11 Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment at dues to financial institutions, banks or
debenture
12 In our opinion and according to the information and explanations
given to us, no loans and advances: have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities
13 In our opinion, the Company is not a chit fund or a mdhi / mutual
benefit fund society therefore, clause 4(xm) of
14 The Company has maintained proper records of transactions and
contracts in respect of trading in securities., debentures and other
investments and timely entries have been made therein All shares,
debentures and other
15 The Company has not given any guarantee for loans taken by others
from bank or financial institutions
16 The Company has not raised any new terms loans dung the year'' and
hence the question of their application for
17 According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that
no funds was raised on short-term basis which have been used for long,
term
18 During the year, the company has not made any preferential allotment
of shares to parties and companies
19 According to the information and explanations given to us, during
the period covered by our Audit Report the
21 In cur opinion and according to the information and explanations
given to us, no. fraud on or by the company has been noticed or
reported during the year under audit that causes the financial
statement to be materially misstated.
For CHATURVEDI & PARTNERS
Chartered Accountants
F.R.NO.307068E
CA.A.K.DUBEY
place: Kolkata
Partner
Dated:27.05.2013
Membership No.054976
Mar 31, 2010
We have audited the attached Balance Sheet of J. J. Finance Corporation
Limited as at 31st March 2010 and the Profit & Loss Account for the
year ended on that date annexed thereto and Cash Flow Statement for the
year ended on that date. 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.
1. 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 tree of material mis-statement. An audit
includes examining, on test basts, evidence supporting the amounts and
disclosures in the financial statements. An audit also indudes
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 lor
our opinion.
2. As required by the Companies (Auditors Report) Order, 2003 (as
amended) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of The Companies Act, 1956" (the Act)
we enclose in the annexune a statement on the matter specified in
paragraphs 4 and 5 of the said Order.
3. Further to our comment in annexure referred to in paragraph 2
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 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. Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the Books of Account;
d) In our opinion, the Balane Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of Section 211 of the
Companies Act, 1956.
e) In our opinion and based on information and explanations given to
us, none of the directors are disqualified as on March 31, 2010 from
being appointed as 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 accounting to
the explanations given to us. the said accounts, subject to note 6 of
schedule N regarding pending confirmation & reconciliation, read
together with the Significant Account Policies and Other Notes on
Accounts in Schedule N give the information required by the Companies
Act. 1956. in the manner so required, and present a true and fair view,
in conformity with the accounting principles generally accepted in
India:
(i) In so far as it relates to Balance Sheet, of the slate of affairs
of the Company as at 31st March 2010;
(ii) In so far as it relates to the Profit & Loss Account, of the
Profit of the Company for the year ended on that date; and
(iii) In so far as it relates to the Cash Flow Statement, of the Cash
Flow of the Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 2 OF OUR
REPORT OF EVEN DATE)
1. In respect of its fixed assets :
a) The Company has maintained proper records showings full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been verified by the
management during the year in a phased periodical manner which in our
opinion is reasonable, having regard to the size of the Company and
nalure of its assets. No material discrepancies were noticed on such
physical verification.
c) In our opinion, the Companies has not disposed of substantial part
of fixed assets during the period and the going concern status of the
Company is not affected.
2. a) The inventories have been physically verified dunng the year by
the management at reasonable intervals.
b) In our optrnon and according to the information and explanations
given to us. the procedures of physical verification of stocks followed
by the management are reasonable and adequate in relation to the size
of the company and nature of its business.
c) On the basis of our examination, we are of the opinion that the
Company is maintaining proper records of inventory. No material
discrepancies were noticed on verification between the physical stocks
and the book records.
3. 1. The Company has given loan to two Companies covered in the
Register maintained under section 301 of the Companies Act. 1956. The
maximum amount involved during the year was Rs.280.50 lacs and the year
end aggregate balance was Rs. 47.84 lacs.
In our opinion, the rate of interest and other terms and conditions on
which loan has been granted and listed in the Register maintained under
Section 301 of the Companies Act. 1956 are not prima facia prejudicial
to the interest of the company.
As informed, the fresh loans granted by the company are repayable on
demand: hence the question of payment of principal amount does not
arise. However, the party has been regular in payment of interest
There are no overdue loans granted to company listed in the register
maintained under section 301 of the Companies Act. 1956. - -
3. 2. The Company has not taken any loan from any Company listed in
the register maintained under section 301 of the Companies Act 1956.
4. In our opinion and according to the information and explanations
given to us. there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of fixed assets and investments and also for
the sale of fixed asseis and, investments. During the course of audit,
we have not observed any major weaknesses in internal control system.
5. a) The particular of contracts or arrangement referred to in
section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
b) The Company has not entered into transactions in pursuance of
contracts / arrangements entered in the register maintained under
section 301 of the Companies Act. 1956 and exceeding the value of
rupees five lacs in respect of any party during the year
6. The Company has not accepted any deposits from public.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. We have been informed that the Central Government has not
prescribed the maintenance of Cost Reconds under Section 209 (1) (d) of
the Companies Act. 1956 for any of the product of the Company.
9- In reepeci of statutory dues :
a) The undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees Slate Insurance, Income Tax.
Sales Tax. Wealth Tax, Service Tax, Customs Duly, Excise Duly, Cess and
Other statutory dues have been regularly deposited with the appropriate
authorities. No undisputed amounts payable in respect of the aforesaid
dues were outstanding as on 31st March. 2010 for a period of more than
six months from the dale of becoming payable.
b) There are no dues outstanding of income fax, sales fax. wealth tax,
custom duty, service tax, excise duty. and cess on account of any
dispute
10. The Company has no accumutated losses as at 31st March. 2010. The
Company has not incurred any cash loss during the year under audit and
in the immediate proceeding financial year.
11. Based on our audil procedures and according to the information and
explanations given to us. we are of the opinion that the Company has
not delaulled in repayment of dues to financial institutions, banks or
debenture holders,
12. In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. in our opinion, the Company is not a chit fund or a nidhi / mutual
benelil fund society therefore, clause 4(xiii) of Companies (Auditors
Report) Order. 2003 (as amended) is not applicable to the company.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities. debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the Company in its
own name,
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Company has nol raised any new lerm loans during the year; and
hence the question of their application for intended purpose, does not
arise.
17. According to the information and explanations given to us and on
an overall examination ot the balance sheet of the Company, we report
that no funds was raised on short-term basis which have been used for
long term investment.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies covered in the Regisler
maintained under section 301 of the Companies Act. 1956.
19. According to the information and explanations given to us. during
the period covered by our Audit Report, the company has not issued
debentures.
20. The company has not raised any money by way of public issue dunng
the year under, audit
21. In our opinion and according to the information and explanations
given lo us, no fraud on or by the company has been noticed or reponed
during the year under audit that causes the financial stalement to be
materially misstated.
For CHATURVEDI & PARTNERS
Chartered Accountants
F.R NO. 307068E
A.K.DUBEY
Place - Kolkata
Dated-05.07.2010. Partner
Membership Mo. 054975
Mar 31, 2009
We have audited the attached Balance Sheet of J. J. Finance Corporation
Limited as at 31st March 2009 and the Profit & Loss Account for the
year ended on that date annexed thereto and Cash Flow Statement for the
year ended on that date. These financial statements are the
responsibility of the Companys Management. Our responsibility is to
express an opinion on these financial statements based on ourjaudit.
1. 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 matetial mis-statement. An audit
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.
2. As required by the Companies (Auditors Report) Order, 2003 (as
amended) 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 matter specified in paragraphs 4 and
5 of the said Order.
3. Further to our comment in annexure referred to in paragraph 2
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 o
f 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 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 and Loss Account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of Section 211 of
the" Companies Act, 1956 except AS 15 regarding accounting for
retirement benefits for "Gratuity and Leave Encashment" to employee(s)
are on cash basis as stated in Note No. 1.3 of Schedule TV of Notes to
the Accounts;
e) In our opinion and based on information and explanations given to
us, none of the directors are disqualified as on March 31, 2009 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, subject to note 6 of
schedule N regarding pending confirmation & reconciliation, read
together with the Significant Accounting Policies and Other Notes on
Accounts in Schedule N give the information required by the Companies
Act, 1956, in the manner so required and present a true and fair view
in conformity with the accounting principles generally accepted in
India:
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st-March 2009;
(ii) In so far as it relates to the Profit & Loss Account, of the
Profit of the Company for the year ended on that date; and
(iii) In so far as it relates to the Cash Flow Statement, of the Cash
Flow of the Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT ( REFERRED TO IN PARAGRAPH 2 OF OUR
REPORT OF EVEN DATE )
1. In respect of its fixed assets :
a. The Company has maintained proper records showings full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, the fixed assets have been verified by the
management during the year in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
c. In our opinion, the Companies has not disposed of substantial part
of fixed assets during the period and the going concern status of the
Company is not affected.
2. a) The inventories have been physically verified during the year by
the management at resonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of stocks followed
by the management-are resonable and adequeate in relation to the size
of the company and nature of its business.
c) On the basis of our examination, we are of the opinion that the
Company is maintaining proper records of inventory. No material
discrepancies were noticed on verification between the physical stocks
and the book records.
3. (A) Loan Given
During the year the Company has granted loan to three Companies covered
in the Register maintained - and seclion 301of the Companies Act, 1956.
The maximum amount involved during the year was Rs.265.50 lacs and the
year end aggregate balance was Rs. 173.76 lacs.
In our opinion, the rate of interest and other terms and conditions on
which loans have been granted to the Companies listed in the Register
maintained under Section 301 of the Companies Act, 1956 are not prima
facie prejudicial to the interest of the company.
The fresh loan granted by the company has not fallen due for repayment
during the year; hence the question of repayment of principal amount
does not arise however, the party has been regular in payment of
interest.
In respect of the aforesaid loans, there is no overdue amount
(B) Loan Taken
The Company has not taken any loan from any Company listed in the
register maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of fixed assets and investments and also for
the sale of fixed assets and investments. During the course of audit,
we have not observed any major weaknesses in internal control system.
5. a) The particulars of contracts or arrangements referred to in
section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
b) The Company has not entered into transactions in pursuance of
contracts / arrangements entered in the - register maintained under
section 301 of the Companies Act, 1956 and exceeding the value of
rupees five lacs in respect of any party during the year.
6. The Company has not accepted any deposits from public.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. We have been informed that the Central Government has not
prescribed the maintenance of Cost Records under Section 209 (1) (d) of
the Companies Act, 1956 for any of the product of the Company.
9. In respect of statutory dues: a. The undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, lncome_Tax, Sales Tax Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been
regularly deposited with the appropriate authorities. No undisputed
amounts payable in respect of the aforesaid dues were outstanding as on
31st March, 2009 for a period of more than six months from the date of
becoming payable.
b. There are no dues outstanding of income tax, sales tax, wealth tax,
custom duty, service tax, excise duty, and cess on account of any
dispute.
10. The Company has no accumulated losses as at 31st March, 2009. The
Company has not incurred any cash loss during the year under audit and
in the immediate preceeding financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund society therefore, clause 4(xiii) of Companies (Auditors
Report) Order, 2003 (as amended) is not applicable to the company.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares;
debentures and other investments have been held by the Company in its
own name.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Company has not raised any new term loans during the year; and
hence the question of their application for intended purpose, does not
arise.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis which have been used for long
term investment.
18. 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 Companies Act, 1956.
19. According to the information and explanations given to us, during
the period covered by our audit Report, the company has not issued
debentures.
20. The company has not raised any money by way of public issue during
the year under audit.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year under audit that causes the financial statement to be
materially misstated.
For CHATURVEDI & PARTNERS
Chartered Accountants
Place - Kolkata
Dated-12.08.2009 A.K.DUBEY
Partner
Membership No. 54975