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Jain Irrigation Systems Ltd.

BSE: 500219 | NSE: JISLJALEQS |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE175A01038 | SECTOR: Plastics

BSE Live

Jan 18, 16:00
46.90 -1.15 (-2.39%)
Volume
AVERAGE VOLUME
5-Day
667,985
10-Day
716,110
30-Day
540,100
598,811
  • Prev. Close

    48.05

  • Open Price

    47.80

  • Bid Price (Qty.)

    46.75 (1690)

  • Offer Price (Qty.)

    46.90 (1)

NSE Live

Jan 18, 16:03
46.85 -1.15 (-2.40%)
Volume
AVERAGE VOLUME
5-Day
4,555,099
10-Day
4,680,277
30-Day
3,260,552
4,030,033
  • Prev. Close

    48.00

  • Open Price

    48.25

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    46.85 (21357)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the accompanying standalone financial statements of Jain Irrigation Systems 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 information. Management''s Responsibility for the Standalone 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 standalone 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 principles generally accepted in India, including the Accounting Standards 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 of the assets of the Company and for preventing and detecting frauds and other irregularities; selecion and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls and ensuring their operating effectiveness and the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone 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 standalone financial statements based on our audit. We have taken into account the provisions of the Act, the Accounting and Auditing Standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone financial statements. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the standalone 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 standalone 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 accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the standalone financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, its profit and its cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditors'' 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 paragraphs 3 and 4 of the Order. 2. As required by section 143(3) of the Act, we report that: a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books; c. 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; d. In our opinion, the aforesaid standalone financial statements 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 Auditor''s 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 has disclosed the impact of pending litigations on its financial position in its standalone financial statements - Refer Note 38 on Contingent Liabilities to the standalone financial statements; ii) The Company did not have any long-term contracts including derivative contracts. Hence, the question of any material foreseeable losses does not arise; iii) There has been no delay in transferring amounts, required to be transferred, to the investor Education and Protection Fund by the Company. Annexure to Independent Auditors'' Report [Referred to in paragraph 1 under ''Report on other Legal and Regulatory Requirements'' in the Independent Auditor''s Report of even date to the members of Jain Irrigation Systems Limited on the standalone financial statements for the year ended March 31, 2015] (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) During the year, all the fixed assets have not been physically verified by the management. However, there is a regular programme of verification which , in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As informed, no material discrepancies were noticed on such verification. (ii) (a) The inventory (excluding stocks lying with third parties) has been physically verified by the management during the year. In respect of inventory lying with third parties, these have substantially been confirmed by them. In our opinion, the frequency of verification is reasonable. (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) The Company is maintaining proper records of inventory. As informed no material discrepancies were noticed on physical verification carried out during the year. (iii) As informed, 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 Act. Accordingly, the provisions stated in paragraph 3 (iii)(a) and 3(iii) (b) of the Order are not applicable. (iv) In our opinion and according to the information and explanations given to us, there exists 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. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company. (v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the provisions of Sections 73 to 76 of the Act and the rules framed there under. (vi) We have broadly reviewed the books of account maintained by the Company in respect of products where the maintenance of cost records has been specified by the Central Government under sub-section (1) of Section 148 of the Act and the rules framed there under and we are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. (vii) (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, value added tax, customs duty, excise duty, cess and any other material statutory dues applicable to it. According to the information and explanation given to us, no undisputed amounts payable in respect of provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, value added tax, customs duty, excise duty, cess and any other material statutory dues applicable to it, were outstanding, at the year end, for a period of more than six months from the date they became payable. (b) According to the information and explanation given to us, the dues outstanding with respect to , income tax, sales tax, wealth tax, service tax, value added tax, customs duty, excise duty, cess and any other material statutory dues applicable to it, on account of any dispute, are as follows; Name of the Nature of Amount Period to which statute dues (Rs. in Million) the amount relates Central Sales Sales Tax 109.00 F.Y. 1998-1999, Tax and Local 2002-2003 and Sales Tax 2012-2013 Service Tax Service Tax 31.00 F.Y. 2007-2008 and 2012-2013 2.92 FY 2010-2011 Excise Duty Excise Duty 32.24 FY 1995-1996 to 1996-1997, 2007- 2008, 2009-2010 to 2014-2015 188.32 FY 2008-2009 255.99 FY 1999-2000, 2006-2007, 2008- 2009, 2011-2012, 2012-2013 and 2014-2015 Income Tax Income Tax 9.25 Assessment Year 2011-2012 Name of the Forum where dispute is statute pending Central Sales Department Authorities Tax and Local Sales Tax Service Tax Commissioner (Appeals) Tribunal Excise Duty Commissioner Commissioner (Appeals) High Court Tribunal Income Tax CIT (Appeals) c) According to the information and explanatins given to us, there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. (viii) The Company does not have accumulated losses at the end of the financial year nor has incurred cash losses in the current and immediately preceding financial year. (ix) According to the information and explanations given to us, the Company has generally been regular in the repayment of dues to financial institution(s), bank(s) or debenture holders. (x) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company, for loans taken by others from banks or financial institutions, are not prejudicial to the interest of the Company. (xi) According to the information and explanations given to us, the term loans have been applied for the purpose for which the loans were obtained. (xii) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such instance by the Management. For Haribhakti & Co. LLP Chartered Accountants ICAI Firm Registration No. 103523W Sd/- Rakesh Rathi Date May 15, 2015 Partner Place Mumbai Membership No. 45228