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JSL Industries Ltd.

BSE: 504080 Sector: Engineering
NSE: N.A. ISIN Code: INE581L01018
BSE LIVE 12:57 | 13 Nov 109.50 -5.50
(-4.78%)
OPEN

109.50

HIGH

109.50

LOW

109.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 109.50
PREVIOUS CLOSE 115.00
VOLUME 5
52-Week high 178.00
52-Week low 100.80
P/E 40.86
Mkt Cap.(Rs cr) 12
Buy Price 109.50
Buy Qty 95.00
Sell Price 0.00
Sell Qty 0.00
OPEN 109.50
CLOSE 115.00
VOLUME 5
52-Week high 178.00
52-Week low 100.80
P/E 40.86
Mkt Cap.(Rs cr) 12
Buy Price 109.50
Buy Qty 95.00
Sell Price 0.00
Sell Qty 0.00

JSL Industries Ltd. (JSLINDS) - Auditors Report

Company auditors report

To

The Members

JSL INDUSTRIES LIMITED

Mogar Dist: Anand

Report on the Financial Statements

We have audited the accompanying financial Statements of JSL INDUSTRIES LIMITEDwhich comprise the Balance Sheet as at 31st March 2017 the Statement of Profitand Loss the Cash Flow Statement of the company for the year then ended and a summary ofsignificant 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 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 standard specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities ; selection and application of appropriateaccounting policies ; making judgments and estimates that are reasonable and prudent ; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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 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 31stMarch 2017 its profit and its cash flows for the year ended on that date.

Emphasis of Matters

There is no matter in the Notes to the Financial Statement which require immediateattention of the members.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure – A a statement on the matters specified inparagraph 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 explanation which to the best ofour knowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of accounts as required by law have been kept by theCompany so far as it appears from our examination of those books;

c. The Balance Sheet the Statement of Profit & Loss and the Cash Flow Statementdealt with by this report are in agreement with the books of accounts;

d. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on31.03.2017 and taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2017 from being appointed as directors in termsof 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. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i. The company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no delay in transferring amounts which were required to betransferred to the Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from November 82016 to December 30 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the management. Refer Note No. 21.

FOR AMIN PARIKH & CO.

CHARTERED ACCOUNTANTS

F.R.N. 100332W

CA. SAMIR R. PARIKH

PARTNER

M.NO. 41506

VADODARA

DATED: May 25 2017

Annexure "A" to the Independent Auditors Report

The Annexure "A" referred to in our report to the members of JSLINDUSTRIES LTD. for the year ended on 31st March 2017. We report that:

i. a) In our opinion the Company has maintained proper records showing fullparticulars including quantitative details and situation of Fixed Assets on the basis ofavailable information.

b) As informed to us the fixed assets have been physically verified by the managementduring the year in a periodical manner which in our opinion is reasonable having regardto the size of company and nature of its assets. No material discrepancies were noticed onsuch physical verification.

c) According to the information & explanation given to us the title deeds ofImmovable properties are held in the name of company. ii. As explained to us Inventorieshave been physically verified during the year by the Management at reasonable intervalsand no material discrepancies notices on physical verification of inventories as comparedto the book record.

iii. In our opinion and according to the information and explanation given to us thecompany has not granted any Loans secured or unsecured to Companies firms LimitedLiability Partnerships or other parties covered in register maintained pursuant to Section189 of the Companies Act 2013 and therefore the provisions of clause (iii) of the Orderare not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has not given any loan or guarantee or security. In respect of investments madethe Company has complied with the provisions of Section 186 of the Act.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits during the year from the public within the meaningof provisions of section 73 to 76 of the Companies Act2013 and the rules framedthereunder and therefore the provisions of clause (v) of the Order are not applicable tothe Company.

vi. The maintenance of cost records under sub section (1) of section 148 of theCompanies Act 2013 is not applicable in view of rule 3 of the Companies (Cost Records andAudit) Amendment Rules 2014 and therefore the provisions of clause (vi) of the Order arenot applicable to the Company.

vii. a) According to the information and explanation given to us and based on therecords of the Company examined by us the Company is regular in depositing withappropriate authorities undisputed statutory dues including Provident fund E.S.I. Incometax Sales tax Wealth tax Service tax Value Added Tax Custom duty Excise duty andother material statutory dues applicable to it with the appropriate authorities in India.

b) As at 31-3-2017 according to the information & explanation given by managementfollowing are the particulars of Income Tax Excise & VAT which have not beendeposited on account of dispute.

Sr. No. Nature of Dues Period to which the Amount Relates Amount (Rs.) Forum where Dispute is Pending
1. Income Tax A.Y.2001-2002 549885/- ACIT Anand
2. Income Tax A.Y.2004-2005 2414407/- CIT (APPEALS) Vadodara
3. Income Tax A.Y.2005-2006 831716/- ITAT Ahmedabad
4. Income Tax A.Y.2012-2013 25500/- CIT (APPEALS) Vadodara
5. Income Tax A.Y.2013-2014 282320/- CIT (APPEALS) Vadodara
6 Income Tax A.Y.2014-2015 363540/- CIT (APPEALS) Vadodara
7. MRP CESTAT Case "Regarding on MRP" 18368302/- CESTAT Ahmedabad
8. Non Payment of Service Tax on services provided by Individual or firm or advocate July-2012 to November - 2015 3554468/- Commissioner Vadodara Appeal
9. Undervaluation of the products Manufactured- Excise Oct-2009 to August – 2014 3914376/- CESTAT Ahmedabad
10. Undervaluation of the products Manufactured- Excise Sept-2014 to March-2015 542227/- CESTAT Ahmedabad
11. Undervaluation of the products Manufactured- Excise April 2015 to Sept. 2015 441209/- Commissioner Vadodara Appeal
12. Undervaluation of the products Manufactured- Excise October 2015 to March 2016 492321/- Commissioner Vadodara Appeal
13. Service Tax – GTA Abatement Oct – 2009 to Oct – 2014 3085007/- CESTAT Ahmedabad
14. Abatement is not admissible on GTA in case of goods cleared without consignment notes November 2014 to October 2015 282760/- Commissioner Anand Appeal
15. Non – Payment of Service Tax on reverse charge basis on Director Remuneration July 2012 to September 2015 2251007/- CESTAT Ahmedabad
16. Wrong Availment of CENVAT on Services providing by Advocates July -2012 to March – 2015 1028853/- CESTAT Ahmedabad
17. Wrong Availment of CENVAT on Services providing by Advocates April 2015 to December 2015 330813/- Commissioner Vadodara Appeal
18. Wrong Availment of CENVAT on Services providing by Advocates January 2016 to May 2016 133334/- Commissioner Vadodara Appeal
19. Regarding Notification SCN PART– II - Excise June – 2010 to Sept- 2014 5143581/- CESTAT Ahmedabad
20. RELATED PERSON (Civil Appeal No. 6466/2005 in respect of Jyoti Electric Motor Ltd. "OLD" 30000799/- CESTAT Ahmedabad

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to banks. The Company did not have anyloans or borrowings from any financial institution government or by way of debentures.

ix. In our opinion the Company did not raise any money by way of initial public offeror further public offer (including debt instrument) and term loans during the year andtherefore the provisions of clause (ix) of the Order are not applicable to the Company.

x. In our opinion and according to information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the course of our audit.

xi. In our opinion and according to the information and explanations given to us theCompany has paid or provided managerial remuneration in accordance with the requisiteapproval mandated by the provision of section 197 read with schedule V of The CompaniesAct2013.

xii. In our opinion and according to information and explanations given to us theCompany is not a Nidhi company and therefore the provisions of clause (xii) of the Orderare not applicable to the Company.

xiii. In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company all transactions with the relatedparties are in compliance with Section 177 and 188 of the Act where applicable and thedetails have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under audit.

xv. In our opinion and according to information and explanations given to us thecompany has not entered into any non-cash transactions with directors or persons connectedwith him.

xvi. The company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

FOR AMIN PARIKH & CO.

CHARTERED ACCOUNTANTS

F.R.N. 100332W

CA. SAMIR R. PARIKH

PARTNER

M.NO. 41506

VADODARA

DATED : May 25 2017

Annexure "B" to the Independent Auditors Report

Report on the Internal Financial Controls under Clause(i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act").

We have audited the internal financial controls over financial reporting of JSLINDUSTRIES LIMITED as of March 31 2017 in conjunction with our audit of thestandalone 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 deemedto be 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 ofrecords that in reasonable detail 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 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 March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR AMIN PARIKH & CO.

CHARTERED ACCOUNTANTS

F.R.N. 100332W

CA. SAMIR R. PARIKH

PARTNER

M.NO. 41506

VADODARA

DATED : May 25 2017