You are here » Home » Companies » Company Overview » Jindal Worldwide Ltd

Jindal Worldwide Ltd.

BSE: 531543 Sector: Industrials
NSE: JINDWORLD ISIN Code: INE247D01013
BSE LIVE 15:52 | 17 Aug 805.80 7.25
(0.91%)
OPEN

811.85

HIGH

813.60

LOW

800.00

NSE 15:46 | 17 Aug 806.20 2.50
(0.31%)
OPEN

810.50

HIGH

812.70

LOW

800.05

OPEN 811.85
PREVIOUS CLOSE 798.55
VOLUME 6564
52-Week high 848.95
52-Week low 144.25
P/E 24.27
Mkt Cap.(Rs cr) 1,616
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 811.85
CLOSE 798.55
VOLUME 6564
52-Week high 848.95
52-Week low 144.25
P/E 24.27
Mkt Cap.(Rs cr) 1,616
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jindal Worldwide Ltd. (JINDWORLD) - Auditors Report

Company auditors report

ON STANDALONE FINANCIAL STATEMENTS

To

The Members

Jindal Worldwide Ltd.

Ahmedabad

Report on the Financial Statements

We have audited the accompanying Standalone Financial Statements of JINDAL WORLDWIDELIMITED ("the Company") CIN:L17110GJ1986PLC008942 which comprise theBalance Sheet as at 31st March 2016 the statement of Profit and Loss and theCash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information. The Financial Statements of the threeDivisions of the Company have been audited and signed by M/s. B. A. Bedawala &Company Chartered Accountants and relied upon by us for the merger of the FinancialStatements.

Management's Responsibility for the Standalone 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 Standalone Financial Statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Financial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Financial Statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of 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 Statement.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Financial Statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016;

b) in the case of Statement of Profit and Loss of the Profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of Sub-Section (11) of section 143 of the Act (hereinafterreferred to the "Order") and on the basis of such checks of the books andrecords of the

Company as we considered appropriate and according to the information and explanationsgiven to us we give in the Annexure " A" a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

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 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 have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards 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 31stMarch 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director interms of Section 164(2) 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 "B".

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) 2014 in our opinion and tothe best of our information and according to the explanations given to us;

i. The Company has disclosed the impact of pending litigations on its financialposition in its Financial Statements

ii. In our opinion and as per the information and explanations provides to us theCompany has not entered into any longterm contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses and

iii. There has been no delay in transferring the amounts required to be transferredto the Investor Education and Protection Fund by the Company.

For MEHRA ANIL & ASSOCIATES
Chartered Accountants
Sd/-
(ANIL MEHRA)
PROPRIETOR
Place: AHMEDABAD M.No.: 033052
Date : 28th May 2016 FRN:117692W

ANNEXURE ("A") TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in Paragraph 1 under Section (Report on Other Legal and RegulatoryRequirements of our report of even date)

1. a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us all the fixed assets have been physically verified by themanagement at reasonable intervals and no material discrepancies were noticed on suchverification.

c) According to the information and explanations given to us title deeds of immovableproperties are generally held in the name of Company.

2. As explained to us the inventories have been physically verified at reasonableintervals by the management and no material discrepancies were noticed on such physicalverification.

3. The Company has granted loan to the Subsidiary Company covered in the registermaintained under Section 189 of the Companies Act.

(a) In respect of the aforesaid loan the terms and conditions under which such loanwas granted are not prejudicial to the Company's interest.

(b) In respect of the aforesaid loan the schedule of repayment of principal andinterest has not been stipulated

(c) In respect of the aforesaid loans there is no amount which is overdue for morethan ninety days.

4. In respect of loans investments guarantees and security provisions of Section 185and 186 of the Companies Act 2013 have been complied with.

5. According to the information and explanations given to us the Company has notaccepted any deposits during the year. Thus paragraph 3 (v) of the order is notapplicable.

6. We have broadly reviewed the books of account maintained by the Company pursuantsub-section (1) of Section 148 of the Companies Act and are of the opinion that primafacie the prescribed accounts and records have been made and maintained.

7. a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees state insurance income tax sales tax service taxduty of customs duty of excise value added tax cess and any other statutory dues withthe appropriate authorities and we have been informed that there are no arrears ofoutstanding statutory dues as at the last day of the Financial Year under audit for aperiod of more than six months from the date they became payable. b) According to theinformation and explanations given to us no undisputed amount is payable in respect ofincome tax or sales tax or wealth tax or service tax or duty of customs or duty of exciseor value added tax or cess as at 31st March2016

8. According to the information and explanations given to us the Company has notdefaulted in repayment of dues to a financial institution or bank.

9. To the best of our knowledge and belief and according to the information andexplanations given to us in our opinion moneys raised by way of term loans were appliedfor the purposes for which those are raised.

10. Based upon the audit procedures performed and according to the information andexplanations given to us in our opinion no fraud on or by the company has been noticedor reported during the year of our audit.

11. Based upon the audit procedures performed and according to the information andexplanations given to us in our opinion managerial remuneration has been paid orprovided in accordance with the requisite approvals mandated by the provisions of Section197 read with Schedule V to the Companies act.

12. As Company is not a Nidhi Company paragraph 3(xii) of the order is not applicable.

13. All transactions with the related parties are in compliance with Sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements.

14. Based upon the audit procedures performed and according to the information andexplanations given to us in our opinion the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review.

15. Based upon the audit procedures performed and according to the information andexplanations given to us in our opinion The Company has not entered into any non-cashtransactions with directors or persons connected with him.

16. Based upon the audit procedures performed and according to the information andexplanations given to us The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934.

For MEHRA ANIL & ASSOCIATES
Chartered Accountants
Sd/-
(ANIL MEHRA)
PROPRIETOR
Place: AHMEDABAD M.No.: 033052
Date : 28th May 2016 FRN:117692W

ANNEXURE("B") TO INDEPENDENT AUDITORS Rs.REPORT

Referred to in paragraph 2(f) of the Independent Auditors Rs.Report of even date to themembers of "Jindal Worldwide Ltd." on the Standalone Financial Statements forthe year ended 31st March 2016.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

We have audited the internal financial controls over financial reporting of JindalWorldwide Ltd.("the Company") as of 31st March2016 in conjunctionwith our audit of the Standalone Financial Statements of the Company for the year ended onthat 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors Rs.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 Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder Section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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 judgement including the assessment of the risks ofmaterial misstatement 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 control 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 the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of Financial Statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial 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 controlover 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India.

For MEHRA ANIL & ASSOCIATES
Chartered Accountants
Sd/-
(ANIL MEHRA)
PROPRIETOR
Place: AHMEDABAD M.No.: 033052
Date : 28th May 2016 FRN:117692W