To The Members of JLA INFRAVILLE SHOPPERS LTD.
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanyingfinancial statements of JLA INFRAVILLE
SHOPPERS LTD. (the Company), which comprise the Balance Sheet as at March 31, 2023 and
also the Statement of Profit and Loss and the 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
The Companys Board of Directors is 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 state of
affairs(financial position), profit or loss(financial performance) and Cash flow of the
Company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards prescribed under section 133 of the Act, read
with Rule 7 of the Companies (Accounts) 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, selection and
application of the appropriate accounting policies, making judgments and estimates that
are reasonable and prudent, and 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
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 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 rules made thereunder.
We conducted our audit of the financial statements 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 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 or error. In making those risk assessments,
the auditor considers internal financial control relevant to the Companys 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 Companys 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.
EMPHASIS OF MATTERS
The balances of Loans and advances, Sundry Debtors, Sundry Creditors,
Current Liabilities & Provisions and other personal accounts are subject to
confirmation and reconciliation, if any. Our opinion is not qualified in respect of this
matter.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, because of the significance of matters described except for the
effect/possible effect of the matter described in the basis of Emphasis of Matters given
in above paragraph, 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 Including the:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2023;
(b) In the case of the Statement of Profit and Loss, of the
‘Profit of the Company for the year ended on that date;
(c) In the case of Cash Flow Statements, 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, 2020 (the
Order) issued by the Central Government of India in terms of sub-section (11) of Section
143 of the Act, we give in the AnnexureA, statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the 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 those books.
c. The Balance Sheet, 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
Indian Accounting
Standard Specified under section 133 of the Act read with Rule 7 of the
Companies (Accounts) Rule, 2014.
e. On the basis of the written representations received from the
directors as on March 31,
2023, taken on record by the Board of Directors, none of the directors
is disqualified as on March 31, 2023, from being appointed as a director in terms of
Section 164(2) of the Act.
f. With respect to the adequacy of the Internal financial controls over
financial reporting of the company and the operating effectiveness of such controls, refer
to our separate report in Annexure B, and
g. With respect to the other matters to be included in the
Auditors Report in accordance with Rule 11of the Companies (Audit and Auditors)
Rules 2014, in our opinion and to the best of our information and according to the
explanations given to us:
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
derivatives contracts for which there were any material foreseeable losses. iii) There
were no amounts which required to be transferred by the Company to the Investor Education
and Protection Fund.
On the basis of the written representations received from the directors
as on 31march, 2023; (a) The management has represented that, to the best of its
Knowledge and belief, other than as disclosed in the notes to the Accounts, no funds have
been advanced or loaned or invested (either From borrowed funds or share premium or any
other sources or kind Of funds) by the company to or in any other person(s) or entity
(ies),Including foreign entities ("intermediaries"), with the understanding,
Whether recorded in writing or otherwise, that the intermediary shall, Whether, directly
or indirectly lend or invest in other persons or Entities identified in any manner
whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries:
(b) The management has represented, that, to the best of its knowledge
and belief, other than as disclosed in the notes to the accounts, no funds have been
received by the company from any person(s) or entity (ies), including foreign entities
("Funding Parties),n with the understanding, whether recorded in writing or
otherwise, that the company shall, whether, directly or indirectly, lend or invest other
persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party ("Ultimate Beneficiaries") or provided any guarantee, security or the like
on behalf of the Ultimate Beneficiaries; and
a) Nothing has come to our notice that has caused us to believe that
the representations under sub-clause (a) and (b) contain any material mis-statement. b) No
dividend declared or paid during the year by the company is in compliance with section 123
of the Companies Act, 2013.
Annexure to the Auditors Report
[Referred to in paragraph 1 under ‘Report on Other Legal and
Regulatory Requirements of our Report of even date to the members of JLA Infra Ville
Shoppers Ltd. on the accounts of the company for the year ended 31st March, 2023]
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) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management during the year in accordance with the phased programme of verification
adopted by the management which, in our opinion, provides for physical verification of all
the fixed assets at reasonable intervals. According to the information and explanations
given to us, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on
the basis of our examination of the records of the company, the title deeds of immovable
properties are held in the name of the company.
(d) According to the information and explanations given to us and on
the basis of our examination of the records of the company it has not revalued its
Property, Plant and Equipment (including right of use assets) or intangible assets or both
during the year
(e) There are no such proceedings initiated or are pending against the
company for holding any benami property under the Benami transactions (prohibition) Act,
1988 (45 of 1988) and rules made there under.
(ii) In respect of its inventory:
a) As explained to us, the inventories were physically verified at the
end of the year by the Management. As there is no inventory lying with third parties, no
certificates of stocks holding have been received. b) In our opinion and according to the
information and explanation given to us, the procedures of physical verification of
inventories followed by the Management were 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 has maintained proper records of its inventories and no material
discrepancies were noticed on physical verification of stocks as compared to book records.
The discrepancies noticed on physical verification of stocks as compared to book records
were not material and have been properly dealt with in the books of account.
(iii) According to the information and explanations given to us, the
Company has not granted any loans to companies, firms or other parties covered in the
Register maintained under Section 189 of the Companies Act, 2013; and therefore paragraph
3(iii) of the Order is not applicable.
(iv) In our opinion and according to the information and explanation
given to us, the company has complied with the provisions of section 185 and 186 of the
Act, with respect to the loans and investment made, if any.
(v) The company has not accepted deposits to which the directives of
issued by the Reserve Bank of India and provisions of section 73 to 76 or any other
relevant provisions of the Companies Act 2013 and the Companies (Acceptance of Deposit)
Rules 2015, with regard to the deposit accepted from the public are not applicable.
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of
the activities carried on by the Company.
(vii) In respect of statutory dues:-
(a) According to the records of the company and information and
explanations given to us, the Company has generally been regular in depositing undisputed
statutory dues including Provident Fund, Income-tax, Tax deducted at sources, Sales Tax,
value added tax (VAT), Service Tax, Excise Duty, Cess and other material statutory dues
applicable to it, with the appropriate authorities.According to the information and
explanations given to us, there were no undisputed amounts payable in respect of
Income-tax, Excise Duty, sales tax, CGST,SGST,IGST, Cess and other material statutory
dues, in arrears wereoutstanding as at 31 March, 2023for a period of more than six months
from the date they became payable.
viii) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to banks. The Company
has not taken any loan either from financial institutions or from the government and has
not issued any debentures. According to the information and explanation given to us, none
of the transaction are left unrecorded in books of accounts, or have been surrendered or
disclosed as income during the year in the tax assessments under the income tax Act,1961
(43 of 1961).
ix) Based upon the audit procedures performed and the information and
explanations given by the management, the company has not raised moneys by way of initial
public offer or further public offer including debt instruments and term Loans.
Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the
Company and hence not commented upon.
x) Based upon the audit procedures performed and the information and
explanations given by the management, we report that no fraud by the Company or on the
company by its officers or employees has been noticed or reported during the year.
xi) Based upon the audit procedures performed and the information and
explanations given by the management, the managerial remuneration has been paid or
provided in accordance with the requisite approvals mandated by the provisions of section
197 read with Schedule V to the Companies Act;
xii) In our opinion, the Company is not a Nidhi Company. Therefore, the
provisions of clause 4 (xii) of the Order are not applicable to the Company.
xiii) In our opinion, all transactions with the related parties are in
compliance with section 177 and 188 of Companies Act, 2013 and the details have been
disclosed in the Financial Statements as required by the applicable accounting standards.
xiv) Based upon the audit procedures performed and the information and
explanations given by the management, the company has not made any preferential allotment
or private placement of shares or fully or partly convertible debentures during the year
under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not
applicable to the Company and hence not commented upon. xv) Based upon the audit
procedures performed and the information and explanations given by the management, the
company has not entered into any non-cash transactions with directors or persons connected
with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to
the Company and hence not commented upon.
xvi) In our opinion, the company is not required to be registered under
section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of
clause 3 (xvi) of the Order are not applicable to the Company and hence not commented
upon.
xvii) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, the company has incurred no
cash losses in the financial year and in the immediately preceding financial year.
xviii) On the basis of financial ratios, ageing and expected dates of
realization of financial assets and payment of Financial liabilities,other information
accompanying the financial statements, the auditor s knowledge of the Board Of Directors
and management plans, we are of the opinion that no material uncertainty exists as on the
date of the audit report and that company is capable of meeting its liabilities existing
at the date of balance sheet as and when they fall due within a period of one year from
the balance sheet date.
xix) There are no amount remaining unspent under sub-section (5) of
section 135 of the Companies Act, pursuantto any ongoing project, has been transferred to
special account in compliance with the provision of sub-section (6) of section 135 of the
said Act.
Annexure- ‘B to the Auditors Report
(Referred to in paragraph 2(f) under ‘Report on Other Legal and
Regulatory Requirements section of our report to the Members of even date)
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the
Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial
reporting of JLA INFRAVILLE SHOPPERS LTD.("the Company") as of 31 March, 2023 in
the conjunction with our audit of financial statements of the company for the year ended
on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of
Chartered Accountants of India (‘ICAI). These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to companys policies, the safeguarding
of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys
internal financial controls over financial reporting based on our audit. We conducted our
audit in accordance with the Guidance
Note on Audit of Internal Financial Controls over Financial Reporting
(the "Guidance Note") and the Standard on Auditing, issued by ICAI and deemed to
be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable
to an audit of internal financial controls, both applicable to an audit of Internal
Financial Controls and, both issued by the Institute of Chartered Accountants of India.
Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of internal financial controls system over financial reporting and their
operating effectiveness. Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Companys internal
financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is
a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A companys internal financial control
system over financial reporting includes those policies and procedures that:
(1)Pertain to the maintenance of records that, is reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the
company;
(2) Provide reasonable assurance that transactions are recorded as
necessary to permit preparation of the financial statements in accordance with generally
accepted accounting principles, and that the receipts andexpenditures of the company are
being made only in accordance with authorizations of the management and directors of the
company; and
(3) Provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the companys assets
that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial
Reporting
Because of the inherent limitations of internal financial controls over
financial reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also projections of any evaluation of the internal financial controls over
financial reporting to future period are subject to the risk that the internal financial
control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate
internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at 31 March 2023, based on
the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal FinancialControls over Financial Reporting issued by the Institute of
Chartered Accountants of India.
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