INDEPENDENT AUDITORS REPORT
TO THE MEMBERS OF GUJRAT JAYPEE CEMENT AND INFRASTRUCTURE LIMITED.
We have audited the accompanying financial statements of GUJRAT JAYPEE CEMENT &
INFRASTRUCTURE LIMITED (the Company), which comprise the balance sheet as at 31st
March, 2013, and 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.
Managements responsibility for the financial statements
Management is responsible for 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 accounting standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 ("the Act"). This responsibility includes the design,,
implementation and maintenance of internal control 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 responsibility
Our responsibility is to express an opinion on these financial statements based on our
audit We conducted our audit in accordance with the Standards on Auditing issued by the
Institute of Chartered Accountants of India. 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.
Art audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors
judgment,, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud ot error. In making those risk assessments, the
auditor considers internal control relevant to the Companys preparation and fair
presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Companys internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by management, 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.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the 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:
a) In the case of the balance sheet, of the state of affairs of the Company as at 31st
March, 2013
b) In the case of the statement of profit and loss, of the profit for the year ended on
that date, and
c) In the case of the cash flow statement, of the 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, 2003 ("the Order")
issued by the Central Government of India in terms of sub-section (4A) of section 227 of
the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and
5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have 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 books.
c) the balance sheet, statement of profit and loss and cash flow statement dealt with
the this report are in agreement with the books of account.
d) in our opinion, the balance sheet, statement of profit and loss, and cash flow
statement comply with the accounting standards referred to in sub-section (3C) of section
211 of the Companies Act, 1956.
e) on the basis of written representations received from the directors as on 31st
March 2013, and taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March 2013, from being appointed as a director in terms
of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.
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For DPSV & Associates |
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Chartered Accountants |
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Firms Registration # 325669E |
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CA Saroj Rartfan Mallik |
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Partner |
| Camp: New Delhi, the 12th day of April, 2013 |
Membership #062280 |
Annexure referred to in paragraph 1 under the heading "Report on other legal and
regulatory requirements" of our report of even date to the members of Gujrat Jaypee
Cement & Infrastructure Limited on the accounts of the Company for the year ended 31st
March, 2013.
(a) The Company has maintained proper records showing full particulars including
quantitative details and situation of Fixed Assets.
(b) Fixed Assets have been physically verified by the management during the year and no
material discrepancies have been noticed as confirmed by the management.
(c) No substantial part of fixed assets has been disposed of during the year, which has
bearing on the going concern assumption.
II The Company is yet to commence its commercial operation and accordingly does not
have any inventory. Hence clause 4 (ii) (a) to (c) of the order is not applicable.
Hi (a) The Company has not granted any loans, secured or unsecured to companies, firms
or other parties listed in the register maintained under Section 301 of the Companies Act,
1956. Accordingly, clause 4(iii)(b) to (d) of the order is not applicable.
(b) The Company has not taken any loans, secured or unsecured from companies, firms or
other parties listed in the register maintained under Section 301 of the Companies Act,
1956. . Accordingly, clause 4(iii) (f) to (g) of the order is not applicable.
IV On the basis of checks carried out during the course of audit and as per
explanations given to us, we are of the opinion that 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. The Company has neither purchased any inventory nor sold any
goods & services during the year. Further, on the basis of our examination of the
records of the Company and according to the information and explanation given to us, no
major weakness has been noticed or reported in the internal controls.
V In our opinion and according to the information and explanation given to us, there
are no transactions that need to be entered into register maintained under section 301 of
the Companies Act, 1956. Accordingly clause 4{v) (b) of the order is not applicable,
VI The Company has not accepted any deposit from the public within the meaning of
section 58A and 58AA of the Companies Act 1956 and the rules framed there under.
VII The clause relating to internal audit is not applicable to the Company.
VIII The Company is required to maintain cost records as prescribed by the central
government under section 209 (1) (d) of the Companies Act 1956 but as the company is yet
to commence commercial operation it has not maintained such records.
IX (a) According to the information and explanations given to us and on the basis of
our examination of the books of account, the Company is generally regular in depositing
undisputed statutory dues with the appropriate authorities. According to the information
and explanations given to us and the records of the Company examined by us, no undisputed
statutory dues as above were outstanding as at 31st March, 2013 for a period of more than
6 months from the date they became payable.
(b) According to the information and explanations given to us, there is no statutory
dues which have not been deposited on account of any dispute.
X The Company has accumulated losses {non operational) and has not incurred cash losses
in the current financial year and in the immediately preceding financial year
(operational).
XI According to the records of the Company examined by us and the information and
explanations given to us the Company has neither any outstanding dues to any financial
institution or bank or debenture holder nor has it obtained any loans from such parties
during the year.
XII According to the information and explanations given to us, the Company has not
granted any loans or advances on the basis of security by way of pledge of Shares,
Debentures and other Securities.
XIII The provisions of any special statute applicable to chit fund/nidhi/mutual benefit
fund/societies are not applicable to the Company.
XIV The Company is not in the business of dealing or trading in shares. Also the
Company has not made any investment in Shares, Securities, Debentures and other
Investments.
XV According to the information and explanations given to us, the Company has not given
any guarantees for loans taken by others from bank or financial institutions during
the period ended 31st March, 2013.
XVI No term loan has been obtained by the Company.
XVII According to the information and explanations given to us and on the basis of our
overall examination of the Balance. Sheet and Cash Flow Statement, we report that no funds
ralsed_on short term basis have been used for long term investment of the Company.
XVIII During the year under Audit, the Company has not made preferential allotment of
equity shares to parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
XIX During the year under audit, the Company has neither issued any debentures nor was
any debentures outstanding at the year end.
XX The Company has not raised any money by Public Issues during the year
XXI During the course of our examination of the books and records of the Company,
carried out in accordance with the Generally Accepted Auditing Practice 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 such cases by the Management
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For DPSV & Associates |
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Chartered Accountants |
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Firms Registration # 325669E |
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CA Saroj Ranjan Mallik |
|
Partner |
| Camp: New Delhi, the 12th day of April, 2013 |
Membership # 062280 |
+91-9892691696
