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Joy Realty Ltd.

BSE: 508929 Sector: Infrastructure
NSE: N.A. ISIN Code: INE433O01024
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Joy Realty Ltd. (JOYREALTY) - Auditors Report

Company auditors report

To

THE MEMBERS OF

JOY REALTY LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of JOY REALTY LIMITED("the company")which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of 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 in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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;

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2015; b) in the case of the Statement of Profit and Loss of the PROFIT for the yearended on that date; and c) in the case of the Cash Flow Statement of the cash flows forthe year ended on that date.

Emphasis of Matter

We draw your attention to Note 23-III(a) to the financial statements which states thatno provision is made for doubtful debts as the Directors are exploring the possibility ofone time settlement and grant waiver which shall be accounted as bad debts after all theefforts of the management to recover the debts by one time settlement & installmentsgranted to the debtors devolves on account of non-payment by them shall be written off asbad debts.

We would also like to draw your attention to Note No. 23-III(c) regarding theinvestments in the Company which is in dormant / strike off status and any short recoveryof investments shall be accounted as loss duly determined on receipt of actual amount.

Our opinion is not qualified in respect of these above matters

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("The Order")issued by the Government of India in terms of sub section (11) of Section 143 of theCompanies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 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 purposes 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 the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account. d) In our opinion theaforesaid financial statements comply with the Accounting Standards specified underSection 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 31st March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31st March 2015 from being appointed as a director in terms of Section 164 (2) of theAct.

f) With respect to the other matters to be included in the Auditor Rs. s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rule 2014 in our opinionand to the best of our information and according to the explanation given to us:

i. The Company does have pending litigations but which shall not impact its financialpositions.

ii. The Company does not have any long terms contracts for which provisions arerequired to be made.

iii. The Company is not liable to transfer any amount to the Investor Education andProtection Fund.

For Vora & Associates

Chartered Accountants

(ICAI Firm Reg. No.: 111612W)

Sd/-

Bhakti M. Vora

Partner

(Membership No.148837)

Place : Mumbai

Dated : 22/05/2015

Annexure to the Auditors' Report

(Referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our Report of even date for the year ended 31st March2015)

(i) In respect of its Fixed Assets

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

(b) As explained to us and according to the practice generally followed by the Companyall the fixed assets have been verified in a periodical manner by the management duringthe year and no material discrepancies were noticed on such physical verification. In ouropinion this periodicity of physical verification is reasonable having regard to the sizeof the Company and nature of its assets.

(c) The Company has not disposed off any of its fixed assets during the year underreview so as to affect its going concern.

(ii) In respect of inventories

(a) We are informed that inventories have been physically verified by the management atreasonable intervals.

(b) In our opinion and according to the information and explanation given to us theprocedure of stock-in-trade followed by the management is reasonable and adequate inrelation to the size of the company and nature of its business.

(c) In our opinion the company is generally maintaining proper records of inventory.No material discrepancies have been notified between the physical stock and book records.

(iii) In respect of loans granted secured or unsecured by the Company to firms orother parties covered in the register maintained u/s 189 of the Companies Act 2013;

The Company has not granted any secured / unsecured loan to any of the parties coveredin the register maintained under section 189 of the Companies Act 2013. Accordingly subclauses (a) and (b) are not applicable.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control procedure and system commensurate with the size ofthe company and nature of its business for purchase of inventory and fixed assets and forsale of goods and services. During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in internal control system.

(v) The Company has not accepted any deposits from the public within the meaning ofSection 73 to Section 79 of the Companies Act 2013.

(vi) We have broadly reviewed the books of accounts maintained by the Company pursuantto the rules made by the Central Government of India for the maintenance of cost recordsunder section 148 (1) Companies Act 2013 and are of the opinion that prima facie theprescribed accounts and records have been made and maintained being real estateconstruction business. However we have not made a detailed examination of the recordswith a view to determine whether they are accurate or complete.

(vii) In respect to statutory dues

(a) According to the records of the Company the undisputed statutory dues under Incometax Service Tax and other Statutory Dues as applicable to it have been generallyregularly deposited with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at 31st March 2014 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us there were no dues ofIncome Tax Service Tax and other Statutory Dues as applicable to it which have not beendeposited with the appropriate authorities on account of any dispute.

(c) According to the records of the Company no amount is pending to be transferred tothe Investor Education and Protection Fund.

(viii) The Company has been registered for a period more than five years and does nothave any accumulated loss at the year end therefore this clause is not applicable to theCompany.

(ix) The Company has not defaulted in repayment of dues to any bank or financialinstitution during the year under review.

(x) According to the information and explanations given to us the company has notgiven any guarantee for loans taken by others from bank and financial institutions.

(xi) In our opinion and according to the information and explanations given to us theCompany has obtained term loan in the previous years and the funds have been prima facieapplied for the purpose for which they were raised.

(xii) According to the information and explanation given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

For Vora & Associates

Chartered Accountants

(ICAI Firm Reg. No.: 111612W)

Sd/-

Bhakti M. Vora

Partner

(Membership No.148837)

Place : Mumbai

Dated : 22/05/2015