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Jiya Eco-Products Ltd.

BSE: 539225 Sector: Others
NSE: N.A. ISIN Code: INE023S01016
BSE LIVE 15:07 | 15 Dec 51.00 -1.45
(-2.76%)
OPEN

53.00

HIGH

53.00

LOW

51.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 53.00
PREVIOUS CLOSE 52.45
VOLUME 18000
52-Week high 73.80
52-Week low 41.00
P/E 12.00
Mkt Cap.(Rs cr) 55
Buy Price 51.00
Buy Qty 10800.00
Sell Price 54.00
Sell Qty 3600.00
OPEN 53.00
CLOSE 52.45
VOLUME 18000
52-Week high 73.80
52-Week low 41.00
P/E 12.00
Mkt Cap.(Rs cr) 55
Buy Price 51.00
Buy Qty 10800.00
Sell Price 54.00
Sell Qty 3600.00

Jiya Eco-Products Ltd. (JIYAECOPRODUCT) - Auditors Report

Company auditors report

To

The Members

JIYA ECO-PRODUCTS LIMITED.

Report on the Financial Statement

We have audited the accompanying standalone financial statements of JIYAECO-PRODUCTS LIMITED ("the Company")which comprise the balance sheet as atMarch 31 2017 the statement of profit and loss and the statement of cash flows for theyear then ended and a summary of significant accounting policies and other explanatoryinformation.

Managements Responsibility for the Financial Statement

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 the cash flow of the Company in accordance with the accountingprinciples generally accepted in India including Accounting Standards notified under theCompanies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014 in respect ofSection 133 of the Companies Act 2013 ("the Act").

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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.

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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that gives 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 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:

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;

b) In the case of the Statement of Profit and Loss Account of the profit for the yearended on that date; and

c) In the case of Cash Flow Statement of the Cash Flows for the year ended on thatdate.

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

c) The balance sheet statement of profit and loss and cash flows dealt with by thisReport are in agreement with the books of account;

d) In our opinion the aforesaid financial statements comply with the AccountingStandards notified under the Companies Act 2013 read with Rule 7 of the Companies(Accounts) Rules 2014 in respect of Section 133 of the Companies Act 2013;

e) On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of sub-section (2) ofsection 164 of the Companies Act 2013;

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 onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. There were no pending litigations which would impact the financial position of theCompany;

ii. The company did not have any material foreseeable losses on long-term contractsincluding derivative contracts;

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

iv. The company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from November 82016 to December 30 2016 and these are in accordance with books of accounts maintainedby Company.

2. As required by the Companies (Auditor's Report) Order 2016 ("theOrder")issued by the Central Government of India in terms of Section 143(11) of theAct we give in "Annexure B" a statement on the matters specified in paragraphs3 and 4 of the Order.

For PARY & CO.
Chartered Accountants
(FRN: 007288C)
(CA Sushil Goenka)
May 23 2017 (Partner)
Ahmedabad M.No.115465

ANNEXURE "A" TO THE INDEPENDENT AUDITORS1 REPORT

To

The Members

JIYA ECO-PRODUCTS LIMITED

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of JIYAECO-PRODUCTS Limited ("the Company") as of March 31 2017 in conjunctionwith our audit of the financial statements of the Company for the year ended 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 ("ICAI"). 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 Companies Act 2013.

Auditors' 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 issued by ICAI and deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with 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 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 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 31 2017 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For PARY & CO.
Chartered Accountants
FRN: 007288C
(CA Sushil Goenka)
May 23 2017 (Partner)
Ahmedabad M.No.115465

"ANNEXURE B"

On the basis of such checks as we considered appropriate and in terms of informationand explanations given to us we state that:

I. (a). The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) . We have been informed that the fixed assets have been physically verified by theManagement at reasonable intervals. In our opinion the frequency of verification isreasonable with regard to the size of the company and nature of assets. According toinformation and explanations given to us by the management no material discrepancy wasnoticed on such verification.

(c) . According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in name of company.

II. (a).As explained to us the inventories except for those lying with the thirdparties were physically verified during the year by the management at reasonableintervals and no material discrepancies were notified on physical verification.

(b) . The procedure of physical verification of inventories followed by the managementis reasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) . The Company is maintaining proper records of inventory. The discrepancies noticedon verification between physical stocks and book records were not material.

III. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013 (‘the Act').

IV. According to the information and explanation given to us In Our opinion theCompany has not given any loan and has not made any investment with respect to theprovisions of Section 185 and 186 of the Act.

V. According to the information and explanation given to us the Company has notaccepted any deposits as per provision of section 73 to 76.

VI. According to the information and explanation given to us the central government hasnot prescribed maintenance of cost records under section 148(1) of the Companies Act 2013in respect of the product dealt with by the company.

VII. (a)According to the information and explanations given to us in our opinion theCompany is regular in depositing undisputed statutory investor education and protectionfund income-tax sales tax wealth tax cess and other statutory dues as applicable tothe appropriate authorities.

(b) According to the information and explanation given to us there are no disputed duespending before the authorities in respect of income tax and other statutory dues.

VIII. According to the records made available to us and information and explanationgiven to us by the management in our opinion the Company has not defaulted in repaymentof dues to a bank or financial institution.

IX. The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) but has raised money through term loans during the yearand were applied for the purpose it were raised.

X. According to the information and explanation given to us no fraud by the Company oron the Company by its officers or employees has been noticed or reported during the year.

XI. According to the information and explanation given to us and based on ourexamination of the records of the company the company has paid managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

XII. According to the information and explanation given to us the Company is not aNidhi company.

XIII. According to the information and explanation given to us and based on ourexamination of the records of the company all transactions with the related parties arein compliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails of such transaction have been disclosed in the Financial Statements as requiredby the applicable accounting standards.

XIV. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

XV. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him.

XVI. The Company is not required to be registered under section 45-IA of Reserve Bankof India Act 1934.

For PARY & CO.
Chartered Accountants
FRN: 007288C
(CA Sushil Goenka)
May 23 2017 (Partner)
Ahmedabad M.No.115465