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Jubilant Industries Ltd.

BSE: 533320 Sector: Agri and agri inputs
NSE: JUBLINDS ISIN Code: INE645L01011
BSE LIVE 15:58 | 12 Dec 256.70 -0.55
(-0.21%)
OPEN

263.00

HIGH

263.00

LOW

254.00

NSE 15:58 | 12 Dec 256.05 -3.00
(-1.16%)
OPEN

260.95

HIGH

262.65

LOW

252.80

OPEN 263.00
PREVIOUS CLOSE 257.25
VOLUME 7419
52-Week high 418.00
52-Week low 200.05
P/E
Mkt Cap.(Rs cr) 306
Buy Price 256.70
Buy Qty 52.00
Sell Price 0.00
Sell Qty 0.00
OPEN 263.00
CLOSE 257.25
VOLUME 7419
52-Week high 418.00
52-Week low 200.05
P/E
Mkt Cap.(Rs cr) 306
Buy Price 256.70
Buy Qty 52.00
Sell Price 0.00
Sell Qty 0.00

Jubilant Industries Ltd. (JUBLINDS) - Auditors Report

Company auditors report

TO THE MEMBERS OF JUBILANT INDUSTRIES LIMITED

Report on the Financial Statements

1. We have audited the accompanying financial statements of JUBILANT INDUSTRIESLIMITED

("the Company") which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information which we havesigned under reference to this report.

Management's responsibility for the Financial Statements

2. 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 provision 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.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. While conducting the audit we have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provisions of the Act and the Rules made there under.

4. 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.

5. An audit involves performing procedures to obtain audit evidence about the amountsand 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 control relevant to the Company's preparation and fairpresentation of the financial statements in order to design the audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and reasonableness of the accounting estimates made by themanagement as well as evaluating the overall presentation of the financial statements.

6. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

7. 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:

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017;

(ii) in the case of the Statement of Profit and Loss of the loss of the Company forthe year ended on that date; and

(iii) in the case of Cash Flow Statement of the cash flows of the Company for the yearended on that date.

Report on Other Legal and Regulatory Requirements

8. As required by the Companies (Auditor's Report) Order 2016 (‘Order') issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Actwe enclose in the Annexure ‘A' a statement on the matters specified in paragraphs 3and 4 of the said Order.

9. As required by Section143 (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 accounts as required by the law have been kept by theCompany so far as appears from our examination of those books; c. the Balance SheetStatement of Profit and Loss and Cash Flow Statement dealt with by this report are inagreement with the books of account;

d. In our opinion the aforesaid financial Statements dealt with by this report complywith the Accounting Standards under section 133 of the Companies Act 2013 read with Rule7 of the Companies (Accounts) Rules 2014;

e. on the basis of written representations received from the directors as on 31st March2017 and taken on record by the Board of Directors we report that none of the Directorsis disqualified as on 31st March 2017 from being appointed as Director in terms of subsection 2 of section 164 of the Companies Act 2013 ;

f. with respect to the adequacy of the Internal Financial Controls over the financialreporting of the Company and operating effectiveness of such controls refer to ourseparate Report in "Annexure B"; and

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) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us: i. Therewere no pending litigations which would impact the financial position of the Company;

ii. TheCompanydidnothaveanyforeseeable losses on long term contracts and had noderivative contracts outstanding as at 31st March 2017;

iii. The Company did not have any dues requiring transfer to Investor Education andProtection Fund; and

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 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the company (Refer note 36 to the financial statements).

For K.N. Gutgutia & Co.
Chartered Accountants
Firm Registration Number: 304153E
B.R. GOYAL
Place : Noida Partner
Date : 24th May 2017 Membership No.12172

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 8 of our report of even date to the members of JubilantIndustries Limited on the financial statements for the year ended 31st March 2017) i)(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us physical verification of fixed assets has been carried out bythe Company and no material discrepancies were noticed on such verification. In ouropinion the frequency of verification is reasonable having regard to the size of theCompany and nature of its business. (c) Title deeds of immovable properties of the Companyare held in the name of the Company. ii) (a) The inventories except goods-in-transit havebeen physically verified during the year by the management at reasonable intervals.

(b) In our opinion no material discrepancies were noticed on physical verification ofstocks. iii) According to the information and explanations given to us the Company hasduring the year not granted any loans secured or unsecured to companies firms &limited liability partnerships firms or other parties covered in the register maintainedunder section 189 of the Companies Act 2013. Accordingly paragraph 3(iii) of the Order isnot applicable to the Company. iv) In our opinion and according to the information andexplanation given to us the Company has complied the provisions of section 185 and 186 ofthe Companies Act 2013 with respect to investments and guarantees. v) The Company hasnot accepted any deposits and hence paragraph 3(v) of the Order is not applicable to theCompany. vi) The Central Government has not prescribed the maintenance of cost recordsunder Section 148 of the Companies Act 2013 for product of the Company. vii) (a)According to the records examined by us the Company is regular in depositing withappropriate authorities undisputed statutory dues including provident fund employeesstate insurance income tax sales tax service tax duty of custom duty of excisevalue added tax cess and other statutory dues wherever applicable.

According to the information and explanations given to us no undisputed arrears ofstatutory dues were outstanding as on the last date of the financial year for a period ofmore than six months from the date they became payable. (b) According to the records ofthe Company there are no dues of sales tax income tax and service tax which have notbeen deposited on account of disputes. viii) Based on our audit procedures and accordingto the information given by the management the Company has no loans or borrowings fromany financial institution bank government and hence paragraph

3(viii) of the Order is not applicable to the Company. ix) In our opinion and accordingto the information and explanations given to us the Company has not done any initialpublic offer or further public offer (including debt instrument) and has not taken anyterm loans during the year and hence paragraph 3(ix) of the Order is not applicable to theCompany. x) Based upon the audit procedures performed and to the best of our knowledge andaccording to the information and explanations given to us by the management we reportthat no fraud by the Company or any fraud on the Company by its officer or employees hasbeen noticed or reported during the course of our audit. xi) The company has notpaid/provided any managerial remuneration during the year and hence paragraph 3(xi) is notapplicable to the Company. xii) In our opinion and according to the information andexplanations given to us the Company is not a Nidhi Company and hence paragraph 3 (xii)of the Order is not applicable to the Company. xiii) As explained to us and as per therecords of the Company in our opinion the transactions with the related parties are inCompliance with Section 177 and Section 188 of the Companies Act 2013 and the detailshave been disclosed in the financial statements as required by the applicable accountingstandard. xiv) According to the records of the Company it has not made any preferentialallotment of shares or private placement of shares or fully/partly convertible debenturesduring the year under report. Accordingly paragraph 3 (xiii) of the Order is notapplicable to the Company. xv) According to the records of the Company the Company hasnot entered during the year into any non-cash transaction with Director or personconnected with him. Hence paragraph 3 (xv) of the Order is not applicable to the Company.xvi) The Company is not required to be registered under section 45-1A of the Reserve Bankof India Act 1934 and hence paragraph 3 (xvi) of the Order is not applicable to theCompany.

For K.N. Gutgutia & Co.
Chartered Accountants
Firm Registration Number: 304153E
B.R. GOYAL
Place : Noida Partner
Date : 24th May 2017 Membership No.12172

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS OF JUBILANT INDUSTRIES LIMITED

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 JUBILANTINDUSTRIES LIMITED ("the Company") as of March 31 2017 in conjunction withour 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 deemedto be prescribed under section 143 (10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 judgment 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 K.N. Gutgutia & Co.
Chartered Accountants
Firm Registration Number: 304153E
B.R. GOYAL
Place : Noida Partner
Date : 24th May 2017 Membership No.12172