| Report on the Financial Statements
We have audited the accompanying financial statements of Jet
Infraventure Limited (formerly known as Jet Infraventure Private
Limited) ("the Company"), which comprise the Balance Sheet as at March
31, 2015 and the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
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 ("the Act") with respect
to the preparation 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 responsibility also includes the
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 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 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 these 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 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 auditor's 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 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, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of 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 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 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 affairs of the
Company as at March 31st, 2015; and
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 flows for the
year ended on that date.
Report on Other Legal and Regulatory 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 Companies Act, 2013, we give in
the Annexure a statement on the matters specified in paragraph 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 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 the 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 Companies Act,
2013, read with rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on March 31st, 2015, and taken on record by the Board of Directors,
none of the Directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of sub-section (2) of Section 164 of
the Companies Act, 2013.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with the 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, we report
that:
(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 Investors Education and Protection Fund by the Company.
Annexure to the Independent Auditors' Report
Annexure referred to in paragraph 1 under the heading "Report on other
legal and regulatory requirements' of our report of even date to the
members of Jet Infraventure Limited, (the Company) for the year ended
on March 31st, 2015. We report that:-.
I. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. The Fixed Assets are physically verified by the management during
the year, which in our Opinion is reasonable having regards to the size
of the company and nature of its business. No material discrepancies
between the book records and the physical verification have been
noticed.
II. In respect of its inventories:
a. The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b. 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. On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. There were no material discrepancies noticed on physical
verification of inventories as compared to the book records.
III. The Company has not granted any loans, secured or unsecured to
companies, Firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 and hence provisions of
paragraph 3(iii) of the aforesaid Order are not applicable to the
Company.
IV. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventories, fixed assets and with regard
to the sale of goods. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal
controls.
V. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
to which provisions of section 73 to section 76 or any other relevant
provisions of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014 are applicable. No Order has been passed by the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other Tribunal.
VI. In our opinion and according to the information and explanations
given to us, maintenance of cost records under section 148 (1) of the
Companies Act, 2013 has not been Prescribed by the Central Government.
VII. (a) According to the records of the Company, the Company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including sales tax, service tax, income tax, value
added tax or cess and other statutory dues applicable to it.
(b) According to the information and explanations given to us, no
disputed amounts payable in respect of income tax, sales tax, service
tax, value added tax or cess and other statutory dues were outstanding
as at 31st March 2015, for a period of more than six months from the
date they become payable.
(c) No amount is required to be transferred to Investor's Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and Rules made there under.
VIII. The Company has no accumulated losses and it has not incurred
any cash losses in the current financial year as well as in the
immediately preceding financial year.
IX. In our opinion and on the basis of information and explanations
given by the management, we are of the opinion that the company has not
defaulted in repayment of dues to financial institution or bank.
X. In our opinion and according to the information and explanation
given to us, the terms and conditions of the guarantee given by the
company for loan taken by one party is not prima facie prejudicial to
the interest of the company. However, the said loan has been repaid by
the party to the bank before the end of the financial year.
XI. In Our Opinion and according to the information and explanation
given to us, there were no term loans obtained during the year.
XII. Based upon the audit procedures performed and information and
explanation given to us by the management, no fraud on or by the
company has been noticed or reported during the year.
For Nilesh Lakhani & Associates
Chartered Accountants
Registration No. 113817W
Nilesh T. Lakhani
Proprietor
M. No. 047459
Place: Mumbai
Date: 19.05.2015 |