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Jainco Projects (India) Ltd.

BSE: 526865 | NSE: | Series: | ISIN: INE966C01010 | SECTOR: Construction & Contracting - Housing

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Mar 04, 16:00
0.48 -0.02 (-4.00%)
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182
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150
30-Day
437
1,149
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Jainco Projects (India) is not listed on NSE

Annual Report

For Year :
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Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Jainco Projects (India) Limited ( the Company) which comprise the Balance Sheet as at March 31, 2013, 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 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. Auditors'' 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. As required under para 3 of non-banking financial companies auditor report (Reserve Bank) Directions, 2008 we state as under: I. The company is engaged in the business of non-banking financial institution and it has obtained the Certificate of Registration (CoR) from the Bank. II. The company is entitled to continue to hold CoR in terms of its Asset/Income pattern as on 31.03.2013 III. The non-banking financial company is not an Asset Financial Company as defined in Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directors, 1998 with reference to the business carried on by it during the applicable financial year. IV. The Board of Director of the company has passed a resolution for the Non Acceptance of any public Deposit. V. The company has not accepted any Public Deposit during the Financial year ended on 31st March 2013. VI. The company has complied with the prudent norms relating to income recognition accounting standards, assets classification and provisioning for bad and doubtful debts as application to it in terms of Non-Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directors, 2007. 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 Profit and Loss Account, 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 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 (1) of section 274 of the Companies Act, 1956. ANNEXURE TO THE AUDITOR''S REPORT (Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements'' section ofour report of even date) 1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) As explained to us the fixed assets have been physically 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 verification. (c) During the year. Company has not disposed of any substantial/major part of fixed asset. so the question of going concern status being affected does not arise. 2. (a) As explained to us. the inventory has been physically verified during the year by the management. In our opinion. the frequency of verification is reasonable. (b) In our opinion and according to the information and explanations given to us. 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 and according to the information and explanations given to us and on the basis of our examination of the records of inventory. the Company is maintaining proper records of inventory. As explained to us there were no materials discrepancies noticed on Physical verification of inventory as compared to the book records. 3. (a) According to the information and explanations given to us and on the basis of our examination of the books of accounts. the Company has not taken any loan from or granted any loan to the parties listed in the Register maintained under Section 301 of the Companies Act. 1956. Consequently the provisions of clauses iii(b). iii(c). iii(d) and iii(e) of the order are not applicable to the company. 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 nature of its business with regard to the purchase of inventory and fixed assets. and with regard to the sale of goods. During the course of our audit. no major weakness has been noticed in the internal Controls. 5. (a) Based on audit procedures applied by us and according to the information and explanations provided by the management. the particulars of contracts or arrangements referred to in section 301 of the companies Act. 1956 need not be entered in the register required to be maintained under that section as the promoter director holds less than 2% of the paid up share capital of the other company. (b) According to the information and explanations given to us. there are no transactions of purchase of goods and material in excess of Rs. 5 Lacs during the year with the parties covered under section 301 of the Companies Act. 1956. 6. In our opinion and according to the information and explanations given to us. the Company has not accepted any deposits from the public within provisions of Section 58A and 58AA of the- Companies Act. 1956 and rules there under. Therefore. the provisions of clause (vi) paragraph 4 of the Companies (Auditor''s Report) Order. 2003 are not applicable to the company. 7. In our opinion. the Company has an internal audit system commensurate with its size and nature of its business. 8. We have broadly reviewed the books of account maintained by the Company .As explained to us the maintenance of cost records under Section 209(1 )(d) of the Companies Act. 1956. are not prescribed by the Central government. 9. According to the records of the Company and explanations given to us. the Company has been regular in depositing undisputed statutory dues including Provident Fund. Investor Education and Protection Fund. Employees'' State Insurance. Income-Tax. Sales Tax. Wealth-Tax. Customs Duty. Excise Duty. Cess and other Statutory dues with the appropriate authorities during the year. 10. The Company has not incurred cash losses during current and the immediately preceding financial year. 11. Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to banks. 12. 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. 13. The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/Societies are not applicable to the Company. 14. Based on our audit procedures and to the best of our knowledge and according to the information and explanations given to us, we are of the opinion that the Company is maintaining proper record of the transactions and contracts of dealing in shares and securities and that timely entries have been made in these records. The shares and securities have been held by the company in its own name, except to the exemption, if any, granted under section 49 of the Act. 15. According to the information and explanations given to us, the company has not given any guarantees for loan taken by others from a bank of financial institution. 16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year. 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 have been used for long-term investment by the Company and vice-versa on short-term basis have been used for long-term investment by the Company and vice versa. 18. The Company has not made any preferential allotment to parties and companies covered under register maintained Under Section 301 of the Companies, 1956, during the year and question of whether the price at which the shares have been issued is prejudicial to the interest of the Company does not arise 19. According to the information and explanations given to us, and the records examined by us, the Company has not issued any debentures hence no question of creation of securities. 20. The Company has not raised money by any public issues during the year and hence the question of disclosure and verification of end use of such money does not arise. 21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For SARKAR GURUMURTHY & ASSOCIATES Chartered Accountants (Firm Registration No. 314062E) Place: Kolkata Date: 31st May 2013 PARIMAL SARKAR (Partner) M.NO. - 051550