| We have audited the accompanying financial statements of J R Foods
Limited (herein after referred to "the Company") which comprises the
Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information
(hereinafter referred to as "the Financial Statements).
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 (hereinafter referred to
as "the Act") with respect to the preparations 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 responsibilities
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; the selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance of 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 conducted 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
speci- fied under Section 143(10) of the Act. Those Standards require
that we comply with the 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 disclosure in the financial statements. These
procedures selected.depend on the auditor's judgment, including the
assessment of the risk 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 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 the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Board of Directors,
as well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence obtained by us 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 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, 2015, their Profit and their cash flows for the year
ended on that date.
Report on Other Legal and Regulator 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 account as required by law relating
to preparation of the aforesaid financial statements have been kept so
far as appears from our examination of those books.
c. the Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
relevant books of account.
d. in our opinion, the aforesaid 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
of the Company as on 31 st March, 2015 taken on record by the Board of
Directors of the Company none of the directors of the Company is
disqualified as on 31st March, 2015, from being appointed as a director
in terms of section 164(2) of the Act;
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
Auditor's) 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 material foreseeable losses on
long-term contracts including derivative contracts.
iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1 of Report on Other Legal and Regulatory
Requirements in our Independent Auditors' Report of even date)
1. a. In our opinion and according to the information and explanations
given to us, the Company-has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As per the information and explanations provided to us, the Company
has physically verified the fixed assets during this year and there is
no material discrepancies noticed on such verification.
2. a. According to the information and explanations given to us, the
management has conducted physical verification of inventory at
reasonable intervals.
b. According to the information and explanations given to us the
procedures of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of
the Company and nature of its business.
c. According to the information and explanation given to us the Company
is maintaining proper records of inventory and there are no material
discrepancies noticed on physical verification.
3. According to the information and explanations given to us, the
Company has not granted, loans to the parties covered in the register
maintained under section 189 of the Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business, for
purchases of inventory and fixed assets and for sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls
systems.
5. In our opinion and according to the information and explanation
given to us, the Company has not accepted deposits from public during
this year. Therefore the provisions of section 73 to 76 and relevant
rules framed thereunder and any contravention of these provisions for
the year under audit are not applicable.
6. As per the information and explanations given to us, we are of the
opinion that the Company has made and maintained the cost records
pursuant to the Rules made by the Central Government under sub- section
(1) of Section 148 of the Act.
7. a. According to the information and explanation given to us, the
Company is depositing undisputed statutory dues with appropriate
authorities, like Provident Fund, Employee's State insurance.
Income-tax, Sales- tax, Wealth-tax, Service tax, Customs Duty, Excise
Duty, Value Added Tax, Cess, wherever applicable, except few delays in
depositing Income Tax TDS. There are no undisputed Statutory outstanding
dues as at 31st March, 2015 for a period of more than six months from
the date they become payable.
b. According to the information and explanation given to us, there are
no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Value Added Tax, Cess which have not been deposited
on account of any dispute.
c. According to the information and explanation given to us, there are
no amount required to the transferred to investor education and
protection fund in accordance with the provisions of the Act.
8. In our opinion and according to the information and explanation
given to us, the accumulated loss of the Company as at the end of the
financial year is more than 50% of its networth. The Company has not
incurred cash losses during the financial year covered by our audit and
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 the
financial institutions or banks or debenture holders.
10. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
11. In our opinion and according to the information and explanation
given to us, the term loans borrowed by the Company were applied for
the purpose for which the loans were obtained.
12. According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For CNGSN & ASSOCIATES LLP,
Chartered Accountants,
Firm Regn.No.004915S
D. KALAIALAGAN
Place: Puducherry Partner
Date: 30th May, 2015 Membership No. 029525
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