Real-time Stock quotes, portfolio, LIVE TV and more.
0
0 | Auditor's Report (Jamna Auto Industries) | Year End : Mar '12 |
1 We have audited the attached Balance Sheet of Jamna Auto Industries
Limited (''the Company'') as at 31 March 2012 and also the Statement
of Profit and Loss and the Cash Flow Statement (collectively referred
to as ''financial statements'') of the Company for the year ended on
that date, annexed thereto. These financial statements are the
responsibility of the Company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2 We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3 As required by the Companies (Auditor''s Report) Order, 2003 (''the
Order''), 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 Annexure, a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4 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, the Statement of Profit and Loss
and the Cash Flow Statement dealt with by this report are in agreement
with the books of account;
(iv) in our opinion, the Balance Sheet, the Statement of Profit and
Loss and the Cash Flow Statement dealt with by this report comply with
the Accounting Standards referred to in sub-section (3C) of Section 211
of the Act, to the extent applicable;
(v) on the basis of written representations received from the Directors
of the Company as on 31 March 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31 March 2012 from being appointed as a director in terms of clause (g)
of sub-section (1) of Section 274 of the Act; and
(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 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 31 March 2012;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
TO THE MEMBERS OF JAMNA AUTO INDUSTRIES LIMITED ON THE ACCOUNTS FOR THE
YEAR ENDED 31 MARCH 2012
(i) (a) The Company has maintained proper records
showing full particulars, including quantitative details and situation
of fixed assets.
(b) According to the information and explanations given to us, the
Company has a regular programme of physical verification of its fixed
assets by which all fixed assets are physically verified by the
management in a phased manner over a period of three years. In
accordance with such phased programme, certain categories of fixed
assets at certain locations have been physically verified by the
management during the year. In our opinion, the frequency of physical
verification is reasonable having regard to the size of the Company and
nature of its fixed assets. As informed to us, discrepancies noticed on
such verification were not material and have been properly dealt with
in the books of account.
(c) Fixed assets disposed off during the year were not substantial and,
therefore, do not affect the going concern assumption.
(ii) (a) According to the information and explanations given
to us, the Company has a designed programme of physical verification of
inventories, except stocks lying with third parties, wherein each item
of inventory, lying at different manufacturing facilities have been
physically verified at least once in a year, at various points of time.
In our opinion, the frequency of such verification is reasonable. In
respect of stocks lying with third parties at the year end, written
confirmations have been obtained.
(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 are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. As informed
to us, the discrepancies noticed on physical verification of
inventories as compared to the book records were not material and have
been properly dealt with in the books of account.
(iii) According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
paras 4 (iii) (b) to (g) of the Order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, and having regard to the explanation that certain goods
sold and some services rendered are for the specialised requirements of
the buyers and suitable alternative sources are not available to obtain
comparable quotations, there is an adequate internal control system
with the size of the Company and the nature of its business with regard
to purchase of inventories and fixed assets and with regard to the sale
of goods and services. In our opinion and according to the information
and explanations given to us, we have not observed any major weaknesses
in the internal control system during the course of our audit.
(v) (a) In our opinion, and according to the information and
explanations given to us, 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) In our opinion, and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956, and exceeding Rs5 lacs with any party during
the year, have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time, except for purchases
of fixed assets which are for the Company''s specialised requirements
and similarly for sale of certain goods for the specialised
requirements of the buyers and for which suitable alternative sources
are not available to obtain comparable quotations. However, on the
basis of information and explanations provided, the same appear
reasonable.
(vi) The Company has not accepted any deposits from the public during
the year.
(vii) In our opinion and according to the information and explanations
given to us, the Company has an internal audit system commensurate with
the size and nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
Company in respect of products where, pursuant to the rules made by the
Central Government, the maintenance of cost records has been prescribed
under section 209(1)(d) of the Companies Act, 1956 and are of the
opinion that, prima facie, the prescribed accounts and records have
been made and maintained. However, we have not made a detailed
examination of such records with a view to determine whether they are
accurate or complete.
(ix) (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, Investor
Education and Protection Fund, Employees State Insurance, Income tax,
Sales tax, Wealth tax, Service tax, Customs duty, Excise duty and other
material statutory dues have generally been regularly deposited with
appropriate authorities though there have been some delays in few
cases.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income tax,
Sales tax, Wealth tax, Service tax, Customs duty, Excise duty and other
material statutory dues were in arrears as at 31 March 2012 for a
period of more than six months from the date they became payable.
(b) According to the information and explanation given to us, and on
the basis of the records of the Company examined by us, there are no
dues of Income-tax, Wealth-tax, Service tax, Sales-tax, Customs duty
and Excise duty which have not been deposited with the appropriate
authorities on account of any dispute, except as mentioned in appendix.
(x) 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.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to its
bankers or to any financial institutions except in respect of dues
aggregating Rs4,589.75 lakhs to banks and a financial institution for
delays ranging upto 67 days. However, there are no overdue amounts
outstanding to banks and financial institutions as at the year end.
(xii) According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) According to the information and explanations given to us, the
Company is not a chit fund or a nidhi/ mutual benefit fund/ society.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
(xv) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the Company has given
guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the Company.
(xvi) According to the information and explanations given to us, term
loans have been applied for the purpose for which such loans were
obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised on short-term basis amounting to
Rs3,581.17 lakhs have been used for long-term investments.
(xvii) The Company has not made any preferential allotment of shares to
companies, firms or parties covered in the register maintained under
Section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any money by public issues during the
year.
(xxi) Based on the audit procedures performed 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.
For B S R & Co. Zubin Shekary
Chartered Accountants Partner
Firm registration
number: 101248W Membership No.: 048814
Place : Bangalore
Date : 7 June 2012 |
|
![]() | |
| Source : Dion Global Solutions Limited | |
![]() | |