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Jainco Projects (India) Ltd.

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Feb 11, 16:00
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454
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Jainco Projects (India) is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

1. We have audited the accompanying financial statements of Jainco Projects (India) Limited ( the Company) which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss, the Cash Flow statement for the year then ended, and a summary of significant accounting policies and other explanatory 2. Management 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 flow of the company in accordance with the accounting principles generally accepted in India, including the Accounting Standard 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 control 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. Auditors'' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, and the Rules made there under including the accounting and matters which are required to be included in the audit report. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards and pronouncement require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditors judgment including the assessment of the risk s of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the 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 the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors ,as well as evaluating the overall presentation n 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. 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, of the state of affairs of the company as at March 31, 2015, and its profit and its cash flow for the year ended on that date. Report on Other Legal and Regulatory Requirements 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 paragraph 3 and 4 of the order. 1. As required by section 143(3) of the Act, we report that: a) We have sought 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 and 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 Statement 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 written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164(2) of the Act. f) With respect to the other matters to be included in the Auditors 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 major pending litigations as at March 31, 2015which 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) the Company was engaged in the business of multi-products iv) there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year end. The Annexure referred to in our report to the members of JAINCO PROJECTS (India) LTD. for the year ended on March 31, 2015. We report that: (i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. (b)The fixed assets have been physically verified by the management at reasonable intervals and in our opinion it is reasonable considering the size of company and nature of asset no such material discrepancies were noticed on such verification and if so, the same have been properly dealt with in the books of account; (ii) (a)As explained to us, the inventories of stock in trade were maintained in demat account & physical and verified at regular intervals by the Management. (b) 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) In our opinion the company is maintaining proper records of inventory and if any material discrepancies were noticed on physical verification, the same have been properly dealt with in the books of account (iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. (iv) In our opinion, and accordance to the information and explanation given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. Further on the basis of our examination , we have not came across , nor have been informed of , any continuing failure to correct major weaknesses in internal control system. (v) The company has not accepted deposits, from the public within the meaning of sections 73 and 74 or any other relevant provisions of the Companies Act and the rules framed there under. (vi) Maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act. (vii) (a) According to our information and explanation given to us and as per the records of the company, the company has been generally regular in depositing the undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities. There are no arrears of undisputed statutory dues of material nature outstanding for a period of more than six months (b) In case of 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 have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending have been mentioned below- Name of Statute Nature of Dues Amount Involved Income Tax Act 1961 Income Tax/Interest Demand Raised Rs /Penalty A Y 2012-13 877280/- Income Tax Act 1961 Income Tax/Interest Demand Raised Rs /Penalty A Y 2011-12 1205660/- Name of Statute Forum where demand is pending Income Tax Act 1961 Income Tax Department''s -Commissioner(Appeals) Income Tax Act 1961 Income Tax Department''s -Commissioner(Appeals) (c) According to the information and explanations given to us, there were no amounts which required to be transferred by the Company to the Investor Education and Protection Fund. (viii) The company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in such financial year and in the immediately preceding financial year; (ix) According to the records of the company examined by us, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders as at balance sheet date. (x) the company has not given any guarantee for loans taken by others from bank or financial institutions. (xi) In our opinion, and accordance to the information and explanation given to us, the term loans have been applied, on an overall basis for the purpose for which the loans were obtained. (xii) In our opinion, and accordance to the information and explanation given to us, we have not came across any instance of material fraud on or by the company noticed or reported during the year, nor have been informed of any such case by the management. For Sarkar Gurumurthy & Associates. Chartered Accountants F.R. No: 314062E Parimal Sarkar Partner Place: Kolkata Date: 30.05.2015 MembershipNo.051550