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Jaiprakash Associates
BSE: 532532|NSE: JPASSOCIAT|ISIN: INE455F01025|SECTOR: Infrastructure - General
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« Mar 13
Auditor's Report (Jaiprakash Associates) Year End : Mar '14
We have audited the accompanying financial statements of Jaiprakash
 Associates 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 significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the Accounting Standards notified under the Companies Act, 1956 (the
 Act) read with the General Circular 15/2013 dated 13 September 2013 of
 the Ministry of Corporate Affairs in respect of Section 133 of the
 Companies Act, 2013.  This responsibility includes the design,
 implementation and maintenance of internal control relevant to the
 preparation and presentation of the financial statements that give a
 true and fair view and are free from material misstatement, whether due
 to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances, but not for the
 purpose of expressing an opinion on the effectiveness of the Company''s
 internal control.  An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by management, as well as evaluating the
 overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 Without qualifying our opinion, we draw attention to note 34(d) of the
 financial statements, relating to the order of the Competition
 Commission of India (CCI), concerning alleged contravention of the
 provisions of the Competition Act, 2002 and imposing a penalty of Rs.
 132360 lacs on the Company. As per directions of the Competition
 Appellate Tribunal an amount of Rs. 13236 lacs has been deposited which
 will remain with them and not be disbursed during the pendency of the
 appeal. Based on the advice of the Company''s counsels as well as its
 own assessment, the Company believes that it has strong grounds for the
 success of the appeal, and hence no provision has been considered
 necessary by the Company in this regard.
 
 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; and
 
 c) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a) we have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b) in our opinion proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books
 
 c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account.
 
 d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
 Cash Flow Statement comply with the Accounting Standards notified under
 the Act read with the General Circular 15/2013 dated 13 September 2013
 of the Ministry of
 
 Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
 
 e) on the basis of written representations received from the directors
 as on 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.
 
                                                                (Rs. lacs)
 
                             Forum where dispute is pending
               Period to    
 Name of 
 Statute                            Appellate
              which amount                              Supreme   Total
 (Nature of 
 dues)          relates    Commissi
                           -onarate authorities-  High
                                                  Court  Court
                                     Tribunal
 
 Central Excise  1988-1992    13.65     -          -      -       13.65
 
                 2000-2002     -       1.32       2.16    -        3.48
 
                 2000-2004     -      88.22        -      -       88.22
 
                 2004-2005     -     150.59        -      -      150.59
 
                 2005-2007     2.06     -          -      -        2.06
 
                 2005-200      -      64.88        -      -       64.88
 
                 2005-2008     -     328.69        -      -      328.69
 
                 2009-2010     2.52    2.02        -      -        4.54
 
                 2000-2003     -      12.55        -      -       12.55
 
                 2002-2004     -      72.93        -      -       72.93
 
                 2004-2006     -        -         1.80    -        1.80
 
                 2006-2007     -      53.75        -      -       53.75
 
                 2006-2008     -      10.29        -      -       10.29
 
                 2007-2008     -     480.81        -      -      480.81
 
                 2008-2009     -      17.38      224.15   -      241.53
 
                 2008-2010   306.19    -           -      -      306.19
 
                 2008-2011   317.42  763.59        -      -    1,081.01
 
                 2006-2010   138.35  542.28        -      -      680.62
 
                 2009-2011     1.89  578.70        -      -      580.59
 
                 2010-2011    24.73    -           -      -       24.73
 
                 2010-2012     3.80    0.16        -      -        3.96
 
                 2011-2012     5.34    -           -      -        5.34
 
                 2012-2013    13.54    -           -      -       13.54
 
                 2013-2014      -    551.76        -      -      551.76
 
 Electricity 
 Duty & Cess     1991-2002      -      -        1,844.71  -    1,844.71
 
                 2003-2004      -      -           -     92.49    92.49
 
                 2006-2011      -      -       10,643.33  -   10,643.33
 
                 2008-2014      -      -          104.09  -      104.09
 
 U.P. Trade Tax  1998-1999      -      -          241.71  -      241.71
 
                 2007-2008    130.36   -           -      -      130.36
 
                 2008-2009     12.36   -           -      -       12.36
 
                 2009-2010      -     4.00         -      -        4.00
 
                 2001-2001      -      -            0.73  -        0.73
 
                 2010-2011     23.71   -           -      -       23.71
 
 MPCT/CST        1999-2000      9.83   -           -      -        9.83
 
                 2001-2002     20.38   -           -      -       20.38
 
                 2004-2005      -     58.25        -      -       58.25
 
                 2005-2006      -      -          266.19  -      266.19
 
                 2002-2008      -      -           -   9,029.24 9,029.24
 
                 2000-2001      -      -         227.23   -      227.23
 
                 2006-2008    427.41   -           -      -      427.41
 
                 2007-2008      -      -          90.49   -       90.49
 
                 2008-2009      -      2.05        -      -        2.05
 
                 2009-2010      2.93 265.52        -      -      268.45
 
                 2012-2014      -      -          86.85   -       86.85
 
                 2010-2011    582.18 170.09        -      -      752.26
 
                 2013-2014      -      -         988.55   -      988.55
 
 Himachal VAT    2013-2014      -      -       2,266.69   -    2,266.69
 
 U.P. Entry Tax  2007-2008      -      -           -   1054.15  1054.15
 
                 2008-2009      -      -           -   2835.65  2835.65
 
                 2009-2010      -      -           -   3161.19  3161.19
 
                 2010-2011      -      -           -    404.42   404.42
 
                 2011-2012      -      -           -    510.95   510.95
 
                 2012-2013      -      -           -      4.28     4.28
 
                 2013-2014      -      -           -     19.97    19.97
 
 M.P.Entry Tax   2000-2001      0.90   -           -       -       0.90
 
                 2001-2002      -      -         148.76    -     148.76
 
                 2006-2007      9.40   -           -       -       9.40
 
                 2005-2014      -      -           -   7,729.81 7,729.81
 
                 2007-2008     92.07  0.33         -       -      92.41
 
                 2009-2014      -      -           -   1,026.89 1,026.89
 
                 2010-2011    190.74  5.43         -       -      196.16
 
 Himachal Entry 
 Tax             2010-2011      -      -        196.07     -      196.07
 
                 2011-2012      -      -        507.87     -      507.87
 
                 2012-2013      -      -        335.99     -      335.99
 
                 2013-2014      -      -        410.00     -      410.00
 
 Royalty on 
 limestone incl
                 Upto Dec 2012  -      -     13,738.42     -   13,738.42
 interest
 
 Rural 
 Infrastructure 
 Tax             Oct 05- 
                 Dec-13         -      -          -     375.31    375.31
 
                 Jan-07- Mar-
                   13           -      -          -     203.91    203.91
 
 
 Tax on trans
 -portation
 of goods in 
  Himachal       2010-2011      -      -          -     243.67    243.67
 Pradesh
 
                 2011-2012      -      -          -     759.67    759.67
 
                 2012-2013      -      -          -     366.04    366.04
 
                 2013-2014      -      -          -   2,026.40  2,026.40
 
 Service Tax     2009-2010      -     5.13        -        -        5.13
 
 Levy on  
 transport of    2007-2011      -      -          -     582.70    582.70
 limestone
 
 Water Cess      2003-2013      -      -       197.55      -      197.55
 
 Customs Duty    2012-2013      -  5,781.56       -        -    5,781.56
 
                 FY 2005-2006
 Income Tax –TDS              1,31,
                             122.00    -          -        - 1,31,122.00
  to 2012-2013
 
 
 (x) The company does not have any accumulated losses and has not
 incurred any cash losses during the financial year covered by our audit
 or in the immediately preceding financial year.
 
 (xi) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to
 financial institutions, banks or debenture holders.
 
 (xii) The Company has not granted loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 (xiii) In our opinion the Company is not a chit fund or a nidhi/mutual
 benefit fund/society. Therefore, clause (xiii) of Para 4 of the Order
 is not applicable.
 
 (xiv) In our opinion the Company is not dealing in or trading in
 shares, securities, debentures and other investments. Accordingly,
 clause (xiv) of Para 4 of the Order is not applicable.
 
 (xv) In our opinion and according to the information and explanations
 given to us, where the Company has given guarantee for loans taken by
 its subsidiaries from banks or financial institutions, the terms and
 conditions thereof are not prejudicial to the interest of the company.
 
 (xvi) To the best of our knowledge and belief and according to the
 information and explanations given to us, term loans availed by the
 Company were applied by the Company during the year for the purposes
 for which the loans were obtained, other than temporary deployment
 pending application.
 
 (xvii) According to the information and explanations given to us and on
 the overall examination of the Balance Sheet of the Company for the
 year under report, we are of the opinion that no funds raised on short
 term basis have been used for long term investment.
 
 (xviii)According to the information and explanations given to us the
 Company has not made any preferential allotment of shares to parties
 and companies covered in the Register maintained under section 301 of
 the Companies Act, 1956.
 
 (xix) According to the information and explanations given to us, the
 Company has created security/charge in respect of secured
 non-convertible debentures issued and outstanding at the year end.
 
 (xx) As the Company has not raised any money by way of public issues
 during the year, Clause (xx) of Para 4 of the Order is not applicable.
 
 (xxi) According to the information and explanations given to us, no
 material fraud by or on the Company has been noticed or reported during
 the year.
  
                                         For M.P. SINGH & ASSOCIATES
 
                                               Chartered Accountants
                                       Firm Registration No. 002183C
 
                                                  CA Ravinder Nagpal
 
 Place : Noida                                               Partner
 
 Dated : 27th May, 2014                                  M.No.081594
 
 
Source : Dion Global Solutions Limited
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