1. We have audited the accompanying financial statements of M/s JPT
Securities Limited, which comprise the Balance Sheet as at March 31,
2015, 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''s Responsibility for the Financial Statements
2. The management and Board of Directors of the Company are
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 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 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; design, implementation and maintenance of adequate internal
financial controls, that are 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.
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 there under. 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 financial statements are free
from material misstatement.
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 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 accounting policies used and the reasonableness of
the accounting estimates made by the Company''s management and Board of
Directors, as well as evaluating the overall presentation of the
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
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 of the state of affairs of the Company as
at 31st March 2015, its profit/loss and its cash flows for the year
ended on that date.
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 section143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
8. As required by section 143(3) of the Act, we further 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 those
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
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 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. In our opinion and to the best of our information and according to
the explanations given 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 litigations which would
impact its financial position.
(ii) The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise.
(iii) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums does
Annexure referred to in paragraph 7 Our Report of even date to the
members of JPT Securities 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 explanations given to us during the course of
our audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of 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.
(ii) (a) The company was in the business of dealing in shares and
securities. There is no closing stock at the year end. Hence this
clause (a) and (b) are not applicable.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories
(shares and securities).
(iii) The company has not granted any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 189 of the Act.
(iv) In our opinion and according to the information and explanations
given to us, 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 services.
Further, on the basis of our examination of the books and records of
the Company and according to the information and explanations given to
us, no major weakness has not been noticed or reported.
(v) The Company has a outstanding deposits from M/s. Awaita Properties
Private Limited Rs. 38,03,40,681/- as on 31/03/2015 (Max. outstanding
during the year: Rs. 38,17,29,810/- and P.Y. O/S: Rs. 38,17,08,305/- as
on 31/03/2014). The repayment and other terms are not specified.
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
(vii) (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including
Provident Fund, Employees'' State Insurance, Sales-tax, Wealth Tax,
Custom Duty, Excise Duty and other material statutory dues, as
applicable, with the appropriate authorities in India.
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are dues of Income
Tax for Rs.1,76,59,963/- and Service Tax for Rs.1,49,90,016/- which
have not been deposited with the appropriate authorities in India.
(c) According to the information and explanations given to us there
were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
(viii) According to the records of the company examined by us and as
per the information and explanations given to us, the company has not
availed of any loans from any financial institution or banks and has
not issued debentures.
(ix) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year.
(x) In our opinion, and according to the information and explanations
given to us, the company has not raised any term loans during the year
(xi) During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
For Batra Sapra & Co
Firm Registration No 000103N
A L Batra
Partner (M.No. 016929)
Place: New Delhi
Date: May 28, 2015