| We have audited the attached Balance sheet of M/s. JAIPAN INDUSTRIES
LIMITED, as at 31st March, 2015, the Profit and Loss Account and Cash
Flow Statement for the year ended on that date annexed thereto.
These financial statements are responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conduct our audit in accordance with the Auditing Standards
generally accepted in India. Those Standards required that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on test basis evidence supporting the amounts and
disclosure in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2) As required by Companies [Auditors Report] Order, 2015 ['the
Order'], issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013, we give in
the annexure a statement on the matters specified in paragraphs 3 & 4
of the said Order.
3) Further to our comments in the Annexure referred to in paragraph 2
above, we report that ;
a) We have obtained all the information & explanations, which to the
best of our knowledge and belief were necessary for the purpose of
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
such books.
c) The Balance Sheet, Profit and Loss Account & Cash Flow Statement
dealt with by this report are in arrangement with the books of
accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account & Cash
Flow Statement dealt by this Report comply with the Accounting
Standards notified under Section 133 of companies act 2013 read with
rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from Directors
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on 31 st March 2015 from being
appointed as a director within the meaning of section 164 of the
Companies Act, 2013.
f) Subject to above, in our opinion and to the best of our information
& explanations given to us, the said accounts read with significant
accounting policies and other notes thereon, give the information
required by the Companies Act, 2013, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India ;
i) In so far as relates to the Balance Sheet, state of affairs of the
Company as at 31st March, 2015;
ii) In so far as relates to the Profit and Loss Account of the profit
of the Company for the year ended on the date, and
iii) In so far as relates to the Cash Flow Statement of the cash flow
of the Company for the year ended on the date.
ANNEXURE TO THE AUDITORS' REPORT
Annexure referred to the paragrph 2 of the Report of even date of the
Auditors' to the Members of Jaipan Industries Limited on the accounts
for the year ended 31st March 2015.
i) a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, physical verification of major items of fixed
assets was conducted by the management during the year. In our opinion,
the frequency of physical verification is reasonable having regard to
the size and operations of the company and the nature of its assets. On
the basis of explanations received, in our opinion, the discrepancies
found on physical verification were not significant.
ii) a) The inventories have been physically verified by the management
at reasonable intervals during the year.
b) In our opinion, 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) In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventory.
The discrepancies noticed on physical verification were not material in
relation to the operations of the Company and the same have been
properly dealt with in the books of account.
iii) The Company has not granted loans to companies, firms or other
parties covered in the register maintained under section 189 of the
Companies Act.
iv) 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 and for the sale of goods and services. No major
weaknesses were observed in the aforesaid internal control system.
v) The Company has not accepted any deposits from the public.
vi) According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 148(1) of the Companies Act, for the products of the
Company.
vii) a) The Company is generally regular in depositing undisputed
statutory dues including provident fund, employee's state insurance,
income tax, sales tax, wealth tax, service tax, duty of customs, duty of
excise, cess and any other statutory dues with the appropriate
authority. Based on our audit procedures and according to the
information and explanations given to us, there are no arrears of
undisputed statutory dues which remained outstanding as at March 31,
2015 for a period of more than six months from the date they became
payable.
b) According to the records made available to us and the information &
explanations given by the management, the details of the dues of sales
tax / income tax / custom duty / wealth tax / service tax / excise duty
/ cess, which have not been deposited on account of any dispute, are
given below:
Sr. Name ofthe Nature of Forum Amount
No. Statue Dues where '(In
dispute Lacs)
is
pending
1 Maharashtra Sales Tax
(2002-03, 2003-04, 2004-05, Sales Tax Appeal 153.86
2 Maharashtra Sales Tax (2006-07) Sales Tax Appeal 460.50
3 Maharashtra Sales Tax (2006-07) Sales Tax Appeal 170.91
4 Maharashtra Sales Tax (2009-10) Sales Tax Appeal 118.78
5 Maharashtra Sales Tax (2009-10) Sales Tax Appeal 40.05
6 Maharashtra Sales Tax (2011-12) CST Appeal 33.26
7 Maharashtra Sales Tax (2011-12) Sales Tax Appeal 3.15
8 Maharashtra Sales Tax (2007-08) CST Appeal 48.99
c) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund in
accordance with the relevant provisions ofthe Companies Act, 1956 (1 of
1956) and rules made there under by the Company except amounts held in
abeyance due to legal cases pending - Refer note no. 4.6 forming part
of financial statements.
viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred any cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
ix) The Company has not defaulted in repayment of dues to debenture
holders and has not taken any loan from financial institutions or
banks.
x) The Company has not given any guarantee in respect of debentures.
xi) The Company has not obtained any term loans during the year.
xii) During the year, no fraud on or by the Company has been noticed or
reported during the course of our audit.
For ASHOK K. LOHIYA & ASSOCIATES
CHARTERED ACCOUNTANTS
ASHOK K. LOHIYA (PARTNER)
MEMBERSHIP NO. 108056
FIRM REG. NO. - 124406W
PLACE : MUMBAI
DATED : 14th August, 2015
|