To
The Members of
JASH DEALMARK LIMITED
Report on the Standalone Financial Statements:
We have audited the accompanying Standalone Financial Statements of Jash Dealmark
Limited ("the Company"), which comprise the Balance Sheet as at March 31,
2018 the Statement of Profit and Loss, including statement of other Comprehensive income,
Cash Flow Statement and Statement of changes in Equity for the year ended March 31, 2018,
and a summary of significant accounting policies and other explanatory information for the
year ended as on 31st March, 2018.
Managements Responsibility for the Standalone Financial Statements:
The Companys 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 Standalone Financial Statements that give a true and fair view
of the financial position, financial performance and cash flow of the Company in
accordance with the accounting principles generally accepted in India, including the
accounting standards specified under Section 133 of the Act, as applicable. 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 responsible 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 standalone 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 thereunder.
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 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. 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 standalone 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 31st March 2018 and its profit and loss including other comprehensive
income,its cash flow statement and changes in Equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditors Report) Order, 2016 ("theOrder")
issued by the Central Government of India in terms of subsection (11) of section 143 of
the Act, we give in the "AnnexureA" a statement on the matters specified
in paragraphs 3 and 4 of the Order.
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, the Statement of Profit and Loss
including other comprehensive income, Cash Flow Statement and Statement of Change in
Equity dealt with by this Report are in agreement with the books ofaccount. d) in our
opinion, the aforesaid standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act ,read with relevant rule issued
thereunder. e) on the basis of written representations received from the directors as on
March 31, 2018, taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2018, 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 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 does not have any pending
litigations which would impact its financial position. Except, as provided in Annexure-A
clause (vii) Sub clause (a). ii. The Company did not have any long-term contract including
derivative contracts for which there were any material foreseeable losses; hence the
company need not make any provision.
| For, Doshi Maru & Associates. |
| Chartered Accountants |
| Sarvesh A. Gohil |
| Partner |
| Membership No.: 13782 |
| FRN: 0112187W |
| Date:30.05.2018 |
| Place: Jamnagar |
ANNEXURE "A" TO AUDITORS REPORT
The Annexure referred to in Independent Auditors Report to the members of the company
on the standalone financial statements for the year ended 31st March, 2018, we
report that:
a) The company has maintained proper records showing full particulars, including
quantitative details and situation of its fixed assets. b) These Tangible assets
were physically verified by the management during the year. We have been informed that no
material discrepancies were noticed on such physical verification. c) According to
the information and explanation given to us, the company does not own any immovable
property. Hence paragraph 3(i)(c) of the Order is not applicable. (ii) The stock of
inventory has been physically verified during the year by the Management at reasonable
intervals, The discrepancies noticed on physical verification of stocks as compared to
book records were not material; however, the same have been properly dealt with the books
of account. (iii) The Company has not granted any loans, secured or unsecured, to
companies, firms, Limited Liability Partnerships or other parties covered in the register
maintained under Section 189of the Act. Thus, paragraph 3(iii) of the order is not
applicable to the company. (iv) In our opinion and according to the information and
explanations given to us, the Company has not made any loans, guarantees and investments
covered under the provisions of section 185 and 186 of the Companies Act, 2013.
(v) The Company has not accepted any deposits from the public and hence the
directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or
any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules,
2014 with regard to the deposits accepted from the public are not applicable.
(vi) As informed to us, the maintenance of Cost Records has not been specified by
the Central Government 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 information and explanations given to us and on the basis of
our examination of the records of the Company, amounts deducted/accrued in the books of
account in respect of undisputed statutory dues including provident fund, employees state
insurance, income tax, sales-tax, value added tax, GST, duty of customs, duty of excise,
service tax, cess and other material statutory dues as applicable have been regularly
deposited during the year by the company with the appropriate authorities. According to
the information and explanations given to us, no undisputed dues were in arrears as at 31st
March, 2018 for a period of more than six months from the date they become payable. b. According
to the information and explanations given to us, there are no dues of sales tax, income
tax, custom duty, GST, wealth tax, excise duty and cess which have not been deposited on
account of any dispute.
(viii) The company does not have any default in repayment of dues of loans or
borrowings from any financial institution, banks, government or debenture holders during
the year.
(ix) During the year the company did not raise any money by way of initial public
offer or further public offer (including debt instruments) and term loans. Accordingly,
paragraph 3 (ix) of the order is not applicable.
(x) According to the information and explanation given to us, no material fraud by
the company or on the company by its officers or employees has been noticed or reported
during the course of our audit. (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 and according to the information and explanations given to us,
the Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the order is not
applicable. (xiii) According to the information and explanations given to us and
based on our examination of the records of the company, transactions with the related
parties are in compliance with sections 177 and 188 of the Act where applicable and
details of such transactions have been disclosed in the financial statements as required
by the applicable accounting standards.
(xiv) According to the information and explanations given to us and based on our
examination of the records of the company, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the year.
(xv) According to the information and explanation given to us and based on our
examination of the records of the Company, the company has not entered into any non-cash
transactions with directors or persons connected with him. Accordingly, the paragraph
3(xv) of the order is not applicable.
(xvi) The company is not required to be registered under section 45-IA of the
Reserve Bank of India Act, 1934.
| For, Doshi Maru & Associates. |
| Chartered Accountants |
| Sarvesh A. Gohil |
| Partner |
| Membership No.: 135782 |
| FRN: 0112187W |
| Date: 30.05.2018 |
| Place: Jamnagar |
ANNEXURE "B" TO AUDITORS REPORT
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 Jash
Dealamrk Limited ("the Company") as of 31st March, 2018 in conjunction with
our audit of the 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 (the
Guidance Note) issued by the Institute of Chartered Accountants of India (the 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, and 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 and the Standards on Auditing, issued by the 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 ICAI. 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
the 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 risk. 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.
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 over financial
reporting includes those policies and procedures that: (1) pertain to the maintenance of
records that, in 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 financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of
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 periods 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 31st March 2018 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 issued by the
ICAI.
For, Doshi Maru & Associates. Chartered Accountants
| Sarvesh A. Gohil |
| Partner |
| Membership No.:135782 |
| FRN: 0112187W |
| Date:30.05.2018 |
| Place: Jamnagar |
+91-9892691696
