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Jaipan Industries | Auditor's Report > Domestic Appliances > Auditor's Report from Jaipan Industries - BSE: 505840, NSE: N.A
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Jaipan Industries

BSE: 505840|ISIN: INE058D01030|SECTOR: Domestic Appliances
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Mar 14
Auditor's Report (Jaipan Industries) Year End : Mar '15
We have audited the attached Balance sheet of M/s. JAIPAN INDUSTRIES
 LIMITED, as at 31st March, 2015, the Profit and Loss Account and Cash
 Flow Statement for the year ended on that date annexed thereto.
 
 These financial statements are responsibility of the Company''s
 management. Our responsibility is to express an opinion on these
 financial statements based on our audit.
 
 1. We conduct our audit in accordance with the Auditing Standards
 generally accepted in India. Those Standards required 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 test basis evidence supporting the amounts and
 disclosure 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 statements
 presentation. We believe that our audit provides a reasonable basis for
 our opinion.
 
 2) As required by 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 Companies Act, 2013, we give in
 the annexure a statement on the matters specified in paragraphs 3 & 4
 of the said Order.
 
 3) Further to our comments in the Annexure referred to in paragraph 2
 above, we report that ;
 
 a) We have obtained all the information & explanations, which to the
 best of our knowledge and belief were necessary for the purpose of
 audit.
 
 b) In our opinion, proper books of accounts, as required by Law have
 been kept by the Company so far as it appears from our examination of
 such books.
 
 c) The Balance Sheet, Profit and Loss Account & Cash Flow Statement
 dealt with by this report are in arrangement with the books of
 accounts.
 
 d) In our opinion, the Balance Sheet, Profit and Loss Account & Cash
 Flow Statement dealt by this Report comply with the Accounting
 Standards notified under Section 133 of companies act 2013 read with
 rule 7 of the Companies (Accounts) Rules, 2014.
 
 e) On the basis of the written representations received from Directors
 and taken on record by the Board of Directors, we report that none of
 the directors is disqualified as on 31 st March 2015 from being
 appointed as a director within the meaning of section 164 of the
 Companies Act, 2013.
 
 f) Subject to above, in our opinion and to the best of our information
 & explanations given to us, the said accounts read with significant
 accounting policies and other notes thereon, give the information
 required by the Companies Act, 2013, in the manner so required and give
 a true and fair view in conformity with the accounting principles
 generally accepted in India ;
 
 i) In so far as relates to the Balance Sheet, state of affairs of the
 Company as at 31st March, 2015;
 
 ii) In so far as relates to the Profit and Loss Account of the profit
 of the Company for the year ended on the date, and
 
 iii) In so far as relates to the Cash Flow Statement of the cash flow
 of the Company for the year ended on the date.
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 Annexure referred to the paragrph 2 of the Report of even date of the
 Auditors'' to the Members of Jaipan Industries Limited on the accounts
 for the year ended 31st March 2015.
 
 i) a) The Company is maintaining proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 b) As explained to us, physical verification of major items of fixed
 assets was conducted by the management during the year. In our opinion,
 the frequency of physical verification is reasonable having regard to
 the size and operations of the company and the nature of its assets. On
 the basis of explanations received, in our opinion, the discrepancies
 found on physical verification were not significant.
 
 ii) a) The inventories have been physically verified by the management
 at reasonable intervals during the year.
 
 b) In our opinion, the procedures of physical verification of
 inventories 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, the Company is maintaining proper records of inventory.
 The discrepancies noticed on physical verification were not material in
 relation to the operations of the Company and the same have been
 properly dealt with in the books of account.
 
 iii) The Company has not granted loans to companies, firms or other
 parties covered in the register maintained under section 189 of the
 Companies Act.
 
 iv) There is adequate internal control system commensurate with the
 size of the Company and the nature of its business for the purchase of
 fixed assets and for the sale of goods and services. No major
 weaknesses were observed in the aforesaid internal control system.
 
 v) The Company has not accepted any deposits from the public.
 
 vi) According to the information and explanations given to us, the
 Central Government has not prescribed the maintenance of cost records
 under section 148(1) of the Companies Act, for the products of the
 Company.
 
 vii) a) The Company is generally regular in depositing undisputed
 statutory dues including provident fund, employee''s state insurance,
 income tax, sales tax, wealth tax, service tax, duty of customs, duty of
 excise, cess and any other statutory dues with the appropriate
 authority. Based on our audit procedures and according to the
 information and explanations given to us, there are no arrears of
 undisputed statutory dues which remained outstanding as at March 31,
 2015 for a period of more than six months from the date they became
 payable.
 
 b) According to the records made available to us and the information &
 explanations given by the management, the details of the dues of sales
 tax / income tax / custom duty / wealth tax / service tax / excise duty
 / cess, which have not been deposited on account of any dispute, are
 given below:
 
 Sr.  Name ofthe                         Nature of     Forum      Amount
 No.  Statue                             Dues          where      ''(In
                                                       dispute     Lacs)
                                                       is
                                                       pending
 
 1    Maharashtra Sales Tax
      (2002-03, 2003-04, 2004-05,        Sales Tax     Appeal     153.86
 
 2    Maharashtra Sales Tax (2006-07)    Sales Tax     Appeal     460.50
 
 3    Maharashtra Sales Tax (2006-07)    Sales Tax     Appeal     170.91
 
 4    Maharashtra Sales Tax (2009-10)    Sales Tax     Appeal     118.78
 
 5    Maharashtra Sales Tax (2009-10)    Sales Tax     Appeal      40.05
 
 6    Maharashtra Sales Tax (2011-12)       CST        Appeal      33.26
 
 7    Maharashtra Sales Tax  (2011-12)    Sales Tax    Appeal       3.15
 
 8    Maharashtra Sales Tax (2007-08)        CST       Appeal      48.99
 
 c) There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund in
 accordance with the relevant provisions ofthe Companies Act, 1956 (1 of
 1956) and rules made there under by the Company except amounts held in
 abeyance due to legal cases pending - Refer note no. 4.6 forming part
 of financial statements.
 
 viii) The Company does not have any accumulated losses at the end of
 the financial year and has not incurred any cash losses during the
 financial year covered by our audit and in the immediately preceding
 financial year.
 
 ix) The Company has not defaulted in repayment of dues to debenture
 holders and has not taken any loan from financial institutions or
 banks.
 
 x) The Company has not given any guarantee in respect of debentures.
 
 xi) The Company has not obtained any term loans during the year.
 
 xii) During the year, no fraud on or by the Company has been noticed or
 reported during the course of our audit.
 
                                      For ASHOK K. LOHIYA & ASSOCIATES
                                                  CHARTERED ACCOUNTANTS
 
                                               ASHOK K. LOHIYA (PARTNER)
                                                  MEMBERSHIP NO. 108056
                                                FIRM REG. NO. - 124406W
 
 PLACE : MUMBAI
 DATED : 14th August, 2015
Source : Dion Global Solutions Limited
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