| We have audited the accompanying financial statements of JRI Industries
& Infrastructure Limited ("The Company"), which comprises of balance
sheet as at 31st March 2015, the statement of profit and loss account
and the cash flow statement for the year ended on that date annexed
thereto and summary of significant accounting policies and explanatory
information.
Management's responsibility for the Financial Statements
The Company's Board of Directors is Responsible for the state in
Sub-Section (5) of Section 134 of the Companies Act,2013 ("the Act")
with respect to the presentation of these financial statements given a
true and fair view on the financial position, financial performance and
cash flow statements of the company in accordance with the accounting
principal generally accepted in India, including Accounting Standards
prescribed in Section 133 of the Act, read with Rule 7 of the Companies
Accounting (Rule),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. Section and application of
appropriate accounting policies; making a judgement and estimates that
are reasonable and prudent; and the design, implementation and
maintenance on 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' Responsibilities
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 and the Rules made
there under including the accounting standards and matters which are
required to be included in the audit report.
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 amount and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgements, including the
assessments of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, that 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 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 financial statements along with
the notes thereon 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, and its profit and its
cash flow for the year ended on that date.
Report on other legal and Regulatory Requirements
As required by 'the Companies (Auditor's report) order, 2015' issued by
the Central Government of India in terms of sub-section (11) of the
Section 143 of the Act ("the order"), and on basis of such checks of
the books and records of the Company as we consider appropriate and
according to the information and explanation given to us, we enclose in
the Annexure a statement on the matters specified in paragraph 3 and 4
of the said order.
Further as required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanation
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
the books of accounts.
c) The Balance Sheet, the Statements of Profit and Loss, and the Cash
Flow Statements dealt with by this Report are in agreement with the
books of accounts.
d) In our opinion, the aforesaid financial statements company with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) The going concern matter described in sub-paragraph (b) under the
Emphasis of Matters paragraph above, in our opinion, may have an
adverse effect on the functioning of the company.
f) On the basis of the written presentations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164(2) of the
Act.
g) With respect to the adequacy of the internal financial control over
financial reporting of the Company and operating effectiveness of such
controls, refer to our separate Report in "Annexure A".
h) With respect to the other matter 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 explanation given to us:
i. The Company does not have any pending litigation which would impact
its financial position
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to
the investor Education and protection Fund by the Company.
ANNEXURE TO THE AUDITORS' REPORT ON THE FINANCIAL STATEMENT FOR THE
YEAR ENDED 31ST MARCH, 2015 OF JRI INDUSTRIES & INFRASTRUCTURE LIMITED
1. In respect of Fixed Assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the company and the
nature of its assets. No material discrepancies were noticed on such
physical verification.
2. In respect of Inventories:
a) The nature of inventory held by the Company does not demand for
physical verification and hence, clause 3(ii)(a) and 3(ii)(b) of the
Companies (Auditor's Report ) Order, 2015 are not applicable..
b) As explained, the Company has been maintaining proper records of the
inventory and no material discrepancies where noticed in relation to
it.
3. In respect of loans, secured or unsecured, granted to Companies,
firms or other parties covered in the register maintained under Section
189 of the Companies Act, 2013;
a) The Company has not granted any loans to such parties during the
year and hence the question of regular receipt of principal amount and
interest does not arise.
b) The Company had taken unsecured loans, from one individual party and
one company covered in the register maintained under Section 301 of the
Companies Act, 1956. In respect of individual the maximum amount
involved during the year was Rs. 3.41 Lakhs and the year end balance of
loans taken was Rs. 3.41 Lakhs. In respect of Company the maximum
amount involved during the year was Rs. 0.92 Lakhs and the year end
balance of loans taken was Rs. 0.92 Lakhs
c) In our opinion and according to the information and explanations
given to us, the terms and conditions of such unsecured Loan taken were
not prejudicial to the interest of the Company. There is no instance of
overdue amount of Rupees One Lakh
4. In our opinion, and according to the information and explanations
given to us, there exist adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to sale of goods and services. During the course of our audit,
no major weakness has been noticed in the internal controls.
5. In our opinion and explanation given to us, during the year the
Company has not accepted any deposits to which the directives of the
Reserve Bank or provisions of Section 73 to 76 or any other relevant
provisions of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014 framed there under would apply.
6. The Central Government has not prescribed maintenance of cost
records under sub-section (1) of Section 148 of the companies Act, 2013
for any of the services of the Company.
7. a) According to the information given to us and the records of the
Company examined by us, the Company is regular in depositing the
undisputed statutory dues including provident fund, employee's state
insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise
Duty, Service Tax, Investor Education and Protection Fund and any other
statutory dues as at 31st March 2015.
b) According to the information and explanation given to us and the
records of the Company examined by us, there are no dues of income tax,
Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Service Tax and no
statutory dues required to be deposited on account of any dispute,
except the following:
Name of Period to Forum where Amount in
Statute which amount dispute is Rupees
(Nature of relates pending
Dues)
Income Tax A. Y. 2011 -12 Commission rate 697840
c) The company is not required to transfer any amount to Investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under has been transferred to such fund within time.
8. The Company is registered for a period of not less than five years
but the Company has no accumulated losses at the end of the financial
and it has not incurred cash losses in the current and immediately
preceding financial year.
9. The Company has neither taken any loan from banks and financial
institutions nor issued any debentures hence the question of default in
repayment of dues does not arise.
10. As per the explanation and information given to us, the Company
has not given any guarantee for loans taken by others from bank or
financial institutions.
11. The Company has not raised any term loans during the year
12. During the course of our examination of books and records of the
Company and according to the information and explanations given by the
management, we have neither come across any instance of material fraud
on or by the Company, noticed or reported during the year, nor have we
been informed of any such case by the Management.
For BMS JD & Associates
Chartered Accountants
(Firm Registration No. 121714W)
Sd/-
Vaibhav K Doshi
Partner
Membership No. 110039
Place: Mumbai
Date:30.05.2015
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