1. We have audited the accompanying financial statements of J. Kumar
Infraprojects Limited (the Company), which comprise the Balance Sheet
as at March 31st, 2015, and 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 Financial Statements
2. The Management and Board of Directors of the Company are
responsible for the matter 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 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 Companies (Accounts) Rules, 2014. This
responsibility also includes maintenance of adequate accounting records
in accordance with the provision 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 judgement and estimates that are reasonable and
prudent; design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the
preparation and presentation of financial statements that give a true
and fair view and are free from material misstatement, whether due to
fraud or error.
3. 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, 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) ofthe Act. 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 misstatements.
4. 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 financial control relevant
to the Company''s preparation and presentation 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 systems over financial reporting
and the operating effectiveness of such controls. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness ofthe accounting estimates made by company''s
management and Board of Directors, as well as evaluating the overall
presentation ofthe financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
6. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid 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 ofthe state of affairs ofthe company as at
31st March 2015, its profit and its Cash flows for the year ended on
Report on Other Legal and Regulatory Requirements.
7. 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 ofthe Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 ofthe Order.
8. As required by section 143(3) ofthe 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
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
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 Financial Statements comply with the
applicable 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 at 31st March , 2015, taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March , 2015, from
being appointed as a director in terms of section 164(2) of the Act.
f. In our opinion and to the best of our information and according to
the explanations gives to us, we report as under with respect to other
matters to be included in the Auditor''s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i. The company does not have any pending litigation which would impact
its financial position.
ii. The Company did not have any long term contract including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
The Annexure referred to in paragraph 7 our report of the even date to
the members of J. Kumar Infraprojects Limited on the accounts of the
company for the year ended 31st March 2015 on the basis of such checks
as we considered appropriate and according to the information and
explanation given to us during the course of our audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
(b) As explained to us, fixed assets have been physically verified by
the management at regular Intervals;, as informed to us no material
discrepancies were noticed on such verification.
2 (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals. The frequency
of the verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, 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 on the basis of our examination of the records,
the Company has maintained proper records of its inventories. No
material discrepancy was noticed on physical verification of stocks by
the management as compared to book records.
3. According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 189 of
the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for purchase of inventory and fixed assets and for sale of
goods and services. Further, on the basis of our examination of the
books and records of the Company and according to the information and
explanation given to us, no major weakness has been noticed or
5. The Company has not accepted any deposits from the public covered
under section 73 to 76 of the Companies Act, 2013.
6. We have reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Records and Audit) Rules, 2014
prescribed by the Central Government under Section 148 (1) of the
Companies Act, 2013, and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however have not
made a detailed examination of the records with a view to determine
whether they are accurate or complete however, Cost Audit has been
prescribed for the company and cost audit has been conducted by the
7. (a) According to the information and explanation given to us and
based on the records of the company examined by us, the Company is
regular in depositing with appropriate authorities undisputed statutory
dues including Employee Provident Fund, Employee State Insurance Scheme,
Income tax, VAT, Service Tax, Excise duty, Custom duty, Cess and other
statutory dues, as applicable.
(b) According to the information and explanation given to us and based
on the records of the company examined by us, there are no dues of
Employee Provident Fund, Employee State Insurance Scheme, Income tax,
Wealth tax, VAT, Service Tax, Excise duty, Custom duty which have not
been deposited on account of any disputes.
As informed to us the Company is having disputed statutory liability as
Nature of Dues Assessment Year Amount Forum where dispute
(Rs. in lacs) is pending
Income Tax 2007 - 08 to 1,833.00 CIT (Appeal) and
2012 - 13 Assessing Officer
(c) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund.
8. The Company does not have any accumulated losses and has not
incurred cash losses during the financial year covered by the audit and
in the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given to us, we are of the opinion that, the Company has
not defaulted in repayment of dues to financial institutions and banks.
10. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from
banks or financial institutions.
11. According to the information and explanations given to us the
Company has applied the term loans for the purpose for which the same
12. Based on the audit procedures performed and the information and
explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
For Gupta Saharia and Co.
Firm Registration No: 103446W
Date: 29th May, 2015 Partner
Place: Mumbai Membership No. : 071471