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Jet Infraventure Ltd.

BSE: 538794 Sector: Infrastructure
NSE: N.A. ISIN Code: INE155R01018
BSE LIVE 11:19 | 03 Oct 140.00 0.50
(0.36%)
OPEN

140.00

HIGH

140.00

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140.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 140.00
PREVIOUS CLOSE 139.50
VOLUME 2000
52-Week high 145.00
52-Week low 133.00
P/E 113.82
Mkt Cap.(Rs cr) 15
Buy Price 135.00
Buy Qty 1000.00
Sell Price 142.00
Sell Qty 1000.00
OPEN 140.00
CLOSE 139.50
VOLUME 2000
52-Week high 145.00
52-Week low 133.00
P/E 113.82
Mkt Cap.(Rs cr) 15
Buy Price 135.00
Buy Qty 1000.00
Sell Price 142.00
Sell Qty 1000.00

Jet Infraventure Ltd. (JETINFRAVENTURE) - Auditors Report

Company auditors report

TO THE MEMBERS OF

JET INFRAVENTURE LIMITED

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") whichcomprise the Balance Sheet as at March 31 2016 and the Statement of Profit and Loss andthe Cash Flow Statement for the year then ended and a summary of the significantaccounting 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 section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act as applicable. This responsibility also includes the maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding the assets of the Company and for preventing and detecting the frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of these financial statements that give a true and fair viewand 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 ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder and the Order under section 143(11) ofthe Act.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1) 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 bestof 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 preparationof the financial statements have been kept by the Company so far as appears from ourexamination of those books.

c) The Balance Sheet the statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account maintained for thepurpose of preparation of these financial statements.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act as applicable.

e) On the basis of written representations received from the directors as on March31st 2016 and taken on record by the Board of Directors none of the Directors isdisqualified as on March 31 2016 from being appointed as a director in terms ofsub-section (2) of Section 164 of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in 'Annexure A'. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Independent Auditors' Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014in ouropinion and to the best of our information and according to the explanations given to us:

(I) The Company does not have any pending litigation which would impact its financialposition.

(ii) The Company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

2) As required by the Companies (Auditor's Report) Order2016 ('the Order') issued bythe Central Government in terms of Section 143(11) of the Act we give in 'Annexure B' astatement on the matters specified in paragraphs 3 and 4 of the Order.

For Nilesh Lakhani & Associates
Chartered Accountants
Registration No. 113817W
Nilesh T. Lakhani
Proprietor
M. No. 047459
Place: Mumbai
Date: 17/05/2016

ANNEXURE 'A' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of theCompanies Act 2013('the Act')

We have audited the internal financial controls over financial reporting of JetInfraventure Limited (formerly known as Jet Infraventure Private Limited) ("theCompany") as of March 31 2016 in conjunction with our audit of the financialstatements of the Company for the year ended and as on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (the 'Guidance Note'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Standards on Auditing prescribed under section 143(10) of the Act and theGuidance Note to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with the ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material aspects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatements of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial controls over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to maintenance ofrecords that in reasonable details accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlsover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 312016 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note.

For Nilesh Lakhani & Associates
Chartered Accountants
Registration No. 113817
Nilesh T. Lakhani
Proprietor
M. No. 047459
Place: Mumbai
Date: 17/05/2016

ANNEXURE 'B' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

Report on Companies (Auditor's Report) Order 2016 ('the Order') issued by the CentralGovernment in terms of Section 143(11) of the Companies Act 2013 ('the Act') of JetInfraventure Limited ('the Company')

1. In respect of the Company's fixed assets;

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets; (b) The Fixed Assets were physicallyverified during the year by the management in accordance with a regular programme ofverification which in our opinion provides for physical verification of all the fixedassets at reasonable intervals. According to the information and explanations given to usno material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and the records examinedby us and based on the examination of the agreement provided to us we report that as onthe balance sheet date the title deeds of office premises is in the name of Jet Info(India) Private Limited. Jet Info (India) Private Limited has changed its name to JetInfraventure Private Limited on 30.07.2010 and Jet Infraventure Private Limited wasconverted to Jet Infraventure Limited on 19.08.2014.

2. As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on physicalverification.

3. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained undersection 189 of the Act.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

5. The Company has not accepted any deposits from the public.

6. According to the information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under section 148(1) of the CompaniesAct for the products of the Company.

7. (a) According to the information and explanations given to us statutory duesincluding provident fund employees' state insurance income –tax sales tax servicetax duty of custom duty of excise value added tax or cess have generally beenregularly deposited with the appropriate authorities though there has been a slight delayin a few cases. There were no undisputed amounts payable in respect of provident fundemployees' state insurance income –tax sales tax service tax duty of custom duty of excise value added tax or cess and any other statutory dues which were in arrearsas at March 312016 for a period of more than six months from the date they becamepayable.

(b) According to the information and explanations given to us there were no dues ofprovident fund employees' state insurance income –tax sales tax service tax dutyof custom duty of excise value added tax or cess and any other statutory dues whichhave not been deposited on account of any dispute.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to banks. The Companydoes not have any loans or borrowings from financial institutions or government and hasnot issued any debentures.

9. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans during the year and hence reporting underclause 3(ix) of the Order is not applicable.

10. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or no fraud on the Company by its officers oremployees has been noticed or reported during the year.

11. In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

12. The Company is not a Nidhi Company and hence reporting under clause 3(xii) of theOrder is not applicable.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Act where applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the financial statements as required by the applicable accountingstandards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3(xiv) of the Order is not applicable to the Company.

15. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its Directors and hence provisions of section 192 of theAct are not applicable.

16. The Company is not required to be registered under section 45-I of the Reserve Bankof India Act1934.

For Nilesh Lakhani & Associates
Chartered Accountants
Registration No. 113817W
Nilesh T. Lakhani
Proprietor
M. No. 047459
Place: Mumbai
Date: 17.05.2016