To the Members of Jaidka Industries Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Jaidka Industries Limited
(“the Company”) which comprise the Balance Sheet as at 31st March, 2015, 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.
Management’s Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation
and presentation 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 the Companies (Accounts)
Rules, 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 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.
Auditor’s 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 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 misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and
the 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 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 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
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 standalone 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 31 March 2015 and its Profit and its Cash Flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. 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 of the Act, we give in the - Annexure a 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 accounts as required by law have been kept by the
Company so far as it 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 accounts;
(d) In our opinion, the aforesaid standalone financial statements comply with the
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 representation received from the directors as on March
31st’ 2015, taken on record by the Board of Directors, none of the directors is
disqualified as on March 31st’ 2015, from being appointed as a director in terms of
Section 164(2) of the Act; and
(f) With respect to the other matters 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 explanations given to us:-
i. The Company has disclosed the impact of pending litigations on its financial
position in its financial statements.
ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, and as required on long-term contracts
including derivatives contracts. .
iii. There has been no delay in transferring amounts, required to be transferred, if
any, to the Investor Education and Protection Fund by the Company.
(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31
st March 2015;
(ii) in the case of the Statement of Profit and Loss, of the Profit for the year ended
on that date; and
(iii) in the case of the Cash Flow statement, of the cash flows for the year ended on
that date.
FOR ASHWANI & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM’S REGISTRATION NUMBER: 000497N
ASHWANI KUMAR
PARTNER
MEMBERSHIP NUMBER: 080711
PLACE: LUDHIANA
DATE: 30.05.2015
The Annexurc referred to in paragraph 1 of our Report of even date to the members of
Jaidka Industries 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
informationand explanation given to us during the course of our audit, we report that:
1. a) The Company is maintaining proper records showing full particulars including
quantitative details and situation of fixed assets
b) In our opinion the fixed assets have been physically verified by the management at
reasonable intervals, having regard to the size of the Company and the nature of its
assets. No material discrepancies were noticed on such physical verification.
2. a) as informed to us, the inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is reasonable.
b) 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) The Company is maintaining proper records of inventory. The discrepancies noticed on
verification between the physical stocks and the book records were not material in
relation to the operations of the Company
3. The year-end balance of unsecured loan granted to 1 (one) Company covered in the
register maintained under Section 189 amounts to Rs. 291.68 Lakhs (P.Y.Rs. 273.68 Lakhs).
There is no irregularity in respect of receipt of principal amount and interest.
4. In our opinion and according to the information and explanations given to us, there
are internal control procedures commensurate with the size of the Company and the nature
of its business for the purchase of inventory and fixed assets and for the sale of goods.
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, we have neither come across nor
have been informed of any continuing failure to correct major weaknesses in the aforesaid
internal control procedures.
5. During the year, the Company has not accepted any deposits from the Public
6. Companies (Cost Records& Audit) Rules, 2014 prescribed by the Central Government
under subsection (1) of section 148 of the Act are not applicable to the Company
7. (a) According to the information and explanations given to us and the records of the
Company examined by us, in our opinion, the Company is generally regular in depositing the
undisputed statutory dues including provident fund, employees’ state insurance,
income tax, sales tax, service tax, excise duty, customs duty, wealth tax, value added
tax, cess and other material statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us and the records of the
Company examined by us, there are no dues of income-tax, wealth tax, cess, sales tax,
service tax, value added tax, customs duty and excise duty which have not been deposited
on account of a dispute.
(c) According to the information and explanations given to us, the amounts which were
required to be transferred to the investor education and protection fund in accordance
with the relevant provisions of the Companies Act, 1956 and rules there under has been
transferred to such fund within time.
8. The Company does not have any accumulated losses at the end of the financial year
and has not incurred cash losses in the financial year and in the immediately preceding
financial year.
9. In our opinion and according to the information and explanations given to us, the
Company has not defaulted in repayment of dues to a financial institution, Bank or
debenture holders.
10. In our opinion and according to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from banks or financial
institutions.
11. The Company has not taken any term loans from the financial institutions.
12. During the course of our examination of the books and records of the Company
carried out in accordance with the generally accepted auditing practices 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 case by the management
|
For Ashwani & Associates |
|
Chartered Accountants |
|
FRN:000497N |
|
Ashwani Kumar |
|
Partner |
| Place: Ludhiana |
Membership No.: 080711 |
| Date: 30.05.2015 |
|
+91-9892691696
