| 1) We have audited the accompanying financial statements of Jay Mahesh
Infra ventures Limited, which comprise the Balance Sheet as at 31 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, which we have signed under reference to
this report
Managements Responsibility for the Financial Statements
2) The Companys Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these Rs,facial statements that give a true and fair
view of the facial position, financial performance and cash lows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards species under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, that were operating
selectively 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
3) 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.
4) 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.
5) An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the Rs,nancial 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 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 suRs, cient and
appropriate to provide a basis for our audit opinion on the Rs,nancial
statements.
Opinion
6) 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;
a) In the case of the Balance Sheet, of the state of aRs, airs of the
Company as at March 31, 2015
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash lows for the
year ended on that date.
Report on other Legal and Regulatory Requirements
7) As required by the companies (Auditors Report) Order,2003,as
amended by 'the Companies (Auditors Report) (Amendment) Order 2004,
Issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Act (hereinafter referred to as the "Order"),and
on the basis of such checks of books of accounts and the record of the
company as we considered appropriate and according to the information
and explanation given to us, we give in Annexure a statement of the
matters specified in the paragraphs 4 and 5 of the Order.
8) As required by section 227(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
purposes 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, and 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 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 representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disquieted as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
The Annexure referred to in paragraph 7 of the Our Report of even data
to the members of Jay Mahesh Infra ventures Limited on the accounts of
the company for the year ended 31st March 2015.
Having regard to the nature of Companys Business/activates/results
during the year. Clause (V), (VI), (VIII), (XII), (XIV), (XV), (XVI),
(XVII), (XVII), (XVIII), (XIX) and (XX) of paragraph 4 of the Order are
not applicable to the company
1 (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed assets have been disposed during the year and
therefore do not affect the going concern assumption.
2 (a) As explained to us inventories have been physically verified
during the year by the management at reasonable intervals
(b) In our opinion and according to the information and explanation
given to us the procedure of physical verification of inventories
followed by the managements are reasonable and adequate in relation to
the size of the company and nature of its business
(c) In our opinion and on the basis of our examination of the records,
the company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stock
by the managements as compared to book records.
3 In our opinion and according to the information and explanations
given to us there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business for purchase of inventories & fixed assets and payment for
expenses & for sale of goods during the course of our audit no major
instance of continuing failure to correct any weaknesses in the
internal controls has been noticed
4 As per information & explanations given by management, the company
has an internal audit system commensurate with the size and the nature
of its business.
5 (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund ,
Employees State Insurance, Income -tax, Sales -tax, Custom Duty, Excise
Duty, cess to the extent applicable and any other statutory dues have
generally been regularly deposited with the appropriate authorities.
According to the Information and explanations given to us there were no
outstanding statutory dues as on 31st of March 2015,for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us there is
no amounts payable in respect of income tax, wealth tax, Service tax,
Sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
6 The Company have accumulated Profit and has generated profit during
the financial year covered by our audit and in the immediately
preceding financial year.
7 Based on our audit Procedures and on the information and explanations
given by the management, we are of the opinion that the company has not
defaulted in repayment of dues to a financial institution, bank or
debenture holders.
8 Based on the audit Procedures performed and the information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For VASG & Associates
Chartered Accountants
FRN: 006070S
(A.Viswanatha Rao)
Place: Hyderabad Partner
Date: 29-05-2015 M.No.029597 | 