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JRI Industries and Infrastructure | Auditor's Report > Steel - Medium & Small > Auditor's Report from JRI Industries and Infrastructure - BSE: 506016, NSE: N.A
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JRI Industries and Infrastructure

BSE: 506016|ISIN: INE022M01029|SECTOR: Steel - Medium & Small
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JRI Industries and Infrastructure is not listed on NSE
Mar 14
Auditor's Report (JRI Industries and Infrastructure) Year End : Mar '15
We have audited the accompanying financial statements of JRI Industries
 & Infrastructure Limited (The Company), which comprises of balance
 sheet as at 31st March 2015, the statement of profit and loss account
 and the cash flow statement for the year ended on that date annexed
 thereto and summary of significant accounting policies and explanatory
 information.
 
 Management''s responsibility for the Financial Statements
 
 The Company''s Board of Directors is Responsible for the state in
 Sub-Section (5) of Section 134 of the Companies Act,2013 (the Act)
 with respect to the presentation of these financial statements given a
 true and fair view on the financial position, financial performance and
 cash flow statements of the company in accordance with the accounting
 principal generally accepted in India, including Accounting Standards
 prescribed in Section 133 of the Act, read with Rule 7 of the Companies
 Accounting (Rule),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. Section and application of
 appropriate accounting policies; making a judgement and estimates that
 are reasonable and prudent; and the design, implementation and
 maintenance on internal financial controls, 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'' Responsibilities
 
 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 standards 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 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 amount and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgements, including the
 assessments of the risks of material misstatement of the financial
 statements, whether due to fraud or error.  In making those risk
 assessments, that 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. 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 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 on the financial
 statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid financial statements along with
 the notes thereon 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, 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'' issued by
 the Central Government of India in terms of sub-section (11) of the
 Section 143 of the Act (the order), and on basis of such checks of
 the books and records of the Company as we consider appropriate and
 according to the information and explanation given to us, we enclose in
 the Annexure a statement on the matters specified in paragraph 3 and 4
 of the said order.
 
 Further as required by Section 143(3) of the Act, we report that:
 
 a) We have sought and obtained all the information and explanation
 which to the best of our knowledge and belief were necessary for the
 purpose of our 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
 the books of accounts.
 
 c) The Balance Sheet, the Statements of Profit and Loss, and the Cash
 Flow Statements dealt with by this Report are in agreement with the
 books of accounts.
 
 d) In our opinion, the aforesaid financial statements company with the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014.
 
 e) The going concern matter described in sub-paragraph (b) under the
 Emphasis of Matters paragraph above, in our opinion, may have an
 adverse effect on the functioning of the company.
 
 f) On the basis of the written presentations received from the
 directors as on 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.
 
 g) With respect to the adequacy of the internal financial control over
 financial reporting of the Company and operating effectiveness of such
 controls, refer to our separate Report in Annexure A.
 
 h) With respect to the other matter 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 explanation given to us:
 
 i.  The Company does not have any pending litigation which 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.  There were no amounts which were required to be transferred to
 the investor Education and protection Fund by the Company.
 
 ANNEXURE TO THE AUDITORS'' REPORT ON THE FINANCIAL STATEMENT FOR THE
 YEAR ENDED 31ST MARCH, 2015 OF JRI INDUSTRIES & INFRASTRUCTURE LIMITED
 
 1.  In respect of Fixed Assets:
 
 a) The Company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets on the
 basis of available information.
 
 b) As explained to us, all the fixed assets have been physically
 verified by the management in a phased periodical manner, which in our
 opinion is reasonable, having regard to the size of the company and the
 nature of its assets. No material discrepancies were noticed on such
 physical verification.
 
 2.  In respect of Inventories:
 
 a) The nature of inventory held by the Company does not demand for
 physical verification and hence, clause 3(ii)(a) and 3(ii)(b) of the
 Companies (Auditor''s Report ) Order, 2015 are not applicable..
 
 b) As explained, the Company has been maintaining proper records of the
 inventory and no material discrepancies where noticed in relation to
 it.
 
 3.  In respect of loans, secured or unsecured, granted to Companies,
 firms or other parties covered in the register maintained under Section
 189 of the Companies Act, 2013;
 
 a) The Company has not granted any loans to such parties during the
 year and hence the question of regular receipt of principal amount and
 interest does not arise.
 
 b) The Company had taken unsecured loans, from one individual party and
 one company covered in the register maintained under Section 301 of the
 Companies Act, 1956. In respect of individual the maximum amount
 involved during the year was Rs. 3.41 Lakhs and the year end balance of
 loans taken was Rs. 3.41 Lakhs. In respect of Company the maximum
 amount involved during the year was Rs. 0.92 Lakhs and the year end
 balance of loans taken was Rs. 0.92 Lakhs
 
 c) In our opinion and according to the information and explanations
 given to us, the terms and conditions of such unsecured Loan taken were
 not prejudicial to the interest of the Company. There is no instance of
 overdue amount of Rupees One Lakh
 
 4.  In our opinion, and according to the information and explanations
 given to us, there exist adequate internal control systems commensurate
 with the size of the Company and the nature of its business with
 regards to sale of goods and services. During the course of our audit,
 no major weakness has been noticed in the internal controls.
 
 5.  In our opinion and explanation given to us, during the year the
 Company has not accepted any deposits to which the directives of the
 Reserve Bank or provisions of Section 73 to 76 or any other relevant
 provisions of the Companies Act, 2013 and the Companies (Acceptance of
 Deposits) Rules, 2014 framed there under would apply.
 
 6.  The Central Government has not prescribed maintenance of cost
 records under sub-section (1) of Section 148 of the companies Act, 2013
 for any of the services of the Company.
 
 7.  a) According to the information given to us and the records of the
 Company examined by us, the Company is regular in depositing the
 undisputed statutory dues including provident fund, employee''s state
 insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise
 Duty, Service Tax, Investor Education and Protection Fund and any other
 statutory dues as at 31st March 2015.
 
 b) According to the information and explanation given to us and the
 records of the Company examined by us, there are no dues of income tax,
 Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Service Tax and no
 statutory dues required to be deposited on account of any dispute,
 except the following:
 
 
 Name of        Period to           Forum where           Amount in
 Statute        which amount        dispute is            Rupees
 (Nature of     relates             pending
 Dues)
 
 Income Tax    A. Y. 2011 -12      Commission rate        697840
 
 c) The company is not required to transfer any amount to Investor
 education and protection fund in accordance with the relevant
 provisions of the Companies Act, 1956 (1 of 1956) and rules made there
 under has been transferred to such fund within time.
 
 8.  The Company is registered for a period of not less than five years
 but the Company has no accumulated losses at the end of the financial
 and it has not incurred cash losses in the current and immediately
 preceding financial year.
 
 9.  The Company has neither taken any loan from banks and financial
 institutions nor issued any debentures hence the question of default in
 repayment of dues does not arise.
 
 10.  As per the explanation and information given to us, the Company
 has not given any guarantee for loans taken by others from bank or
 financial institutions.
 
 11.  The Company has not raised any term loans during the year
 
 12.  During the course of our examination of books and records of the
 Company and according to the information and explanations given by the
 management, we have neither come across any instance of material fraud
 on or by the Company, noticed or reported during the year, nor have we
 been informed of any such case by the Management.
 
                                               For BMS JD & Associates
 
                                                Chartered Accountants
                                      (Firm Registration No. 121714W)
 
                                                                Sd/-
                                                     Vaibhav K Doshi
                                                             Partner
                                               Membership No. 110039
 Place: Mumbai
 
 Date:30.05.2015
Source : Dion Global Solutions Limited
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