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
