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Jumbo Finance Ltd.

BSE: 511060 Sector: Financials
NSE: N.A. ISIN Code: INE122N01017
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Jumbo Finance Ltd. (JUMBOFINANCE) - Auditors Report

Company auditors report

To the Members of

Jumbo Finance Limited

We have audited the accompanying standalone financial statements of Jumbo FinanceLimited ("the Company") which comprises the Balance sheet as at March 31 2016the statement of Profit and Loss the Cash Flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management Responsibility for the Standalone 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 preparationof these standalone financial statements that 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 thes~ standalone financial statementsbased on our audit.

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 of 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 an assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal flnancial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit procedurethat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used ;tnd the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India

(a) In the case of the balance sheet of the state of affairs of the company as at.31st March 2016 (b) In the case of the statement of profit and loss of the profit for theyear ended on that date and (c) In the case of the cash flow statement of the cash flowsfor the year ended on that date.

Report on other legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order'') issuedby the Central Government of India in terms of sub-section (11) of section143 of the Actwe give in the "Annexure A" to the Independent Auditor's report a statement onthe matters Specified in paragraphs 3 and 4 of the Order.

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) As per information given to us there is no Branch Office of the company and henceno report on accounts of branch office is applicable;

(d) The balance sheet statement of profit and loss and cash flow statement dealt withby this report are in agreement with the books of account and returns;

(e) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section n3 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(f) In our opinion there are no observations and comments which have any adverseeffect on the functioning of the company;

(g) On the basis of the written represen tations received ftom the directors as onl'vfarch 31 2016 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2016 from being appointed as a director in terms of Section164(2) of the Act;

(h) In our opinion there are no qualifications reservation or adverse remark relatingto the maintenance of the accounts and other matters connected therewith;

(i) 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" to the Independent Auditor's Report.

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) TheCompany does not have any pending litigations which would impact its fmancial position;

ii) The Company has no material foreseeable losses on long term contracts (includingderivative contracts) and hence for the same the company has not made any provision;

iii) There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

Annexure A to the Independent Auditor's Report

Jumbo Finance Limited

(Referred to in paragraph "Report on other legal and RegulatoryRequirements")

i) In respect of its fixed assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information;

b. As explained to us all the fixed assets have been physically verified by themanagement in phased periodical manner which in our opinion is reasonable having regardsto the size of the company and nature of its assets. As Informed to us no materialdiscrepancies were noticed on such physical verification;

c. According to the information and explanation given to us the company does not haveany immovable property hence this sub-clause is not applicable;

ii) There are no Inventories in the Company accordingly clause (ii) of the said Orderis not applicable;

iii) The company has not granted any loans secured or unsecured to companies firmsLimited liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Hence clause (iii) (a) clause (iii) (b) andclause (iii) (c) of paragraph 3 of the order are not applicable;

iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security;

v) In our opinion and according to the information and explanations given to us thecompany has not accepted deposits from the public. Therefore the provisions of section 73to 76 or any other relevant provisions of the Companies Act 2013 and the rules framedthere under and the directives issued by the Reserve Bank of India are not applicable;

vi) We have been informed that the maintenance of cost records has not been prescribedby the Central Government under Section 148(1) of the Companies Act 2013;

vii) According to the information and explanations given to us in respect of statutoryand other dues:

a. Undisputed statutory dues including Income Tax and other material statutory dues asapplicable have generally been regularly deposited by the company during the year with theappropriate authorities;

b.According to the information & explanation given to us no undisputed amountspayable in respect of such statutory dues were outstanding as at March 31 2016 for aperiod of more than six months from the date they became payable;

viii) According to the information and explanation given to us and as per the recordsof the Company examined by us the Company has not defaulted in repayment of dues tofinancial institution. The Company has neither availed any assistance from Banks orGovernment nor has issued any debentures. Accordingly the additional reporting underParagraph 3 (viii) of the Order is not applicable;

ix) According to the infotmation and explanation given to us the company has notraised money by way ofInitial Public offer or Further Public offer (including DebtInstrument) and by way of Term Loan;

x) During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been infotmed of any such instance by the Management;

xi) According to the information and explanation given to us the Company paid orprovided Managerial Remuneration in accordance with the requisite approvals mandated bythe provisions of Section 197 read with Schedule V to the Companies Act 2013.

xii) The provisions of Nidhi Company under NidhiRules 2014 are not applicable.

xiii) During the course of our examination of the books and records of the company alltransactions with related parties are in compliance with Sections 177 and 188 of CompaniesAct 2013 and the details have been disclosed in the Financial Statements etc. asrequired by Applicable Accounting Standards.

xiv) According to the infotmation and explanation given to us the company has madepreferential allotment of equity shares during the year under review. The requirements ofSection 42 of the Companies Act 2013 have been complied with and the amount raised havebeen used for the purpose for which the funds were raised.

xv) According to the infotmation and explanation given to us the company has notentered into any non-cash transactions with directors or persons connected with him.

xvi) According to the information and explanation given to us the company is requiredto be registered under section 4S-IA of the Reserve Bank ofIndia Act 1934 and it hasalready obtained the required regis tration.

Annexure B to Independent Auditors' Report

(Referred to in paragraph (f) of "Report on other legal and RegulatoryRequirements")

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 fmancialreporting ofJumbo FinanceLimited ("the Company") as of March 31 2016 in conjunction with our audit ofthe standalone 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 internalfmancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the components of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India (ICAI). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

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 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 ICAL 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 procedures:plprtprl 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 fmancial reporting is a process designed toprovide 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 fmancial controls over fmancialreporting to future periods are subject to the risk that the internal fmancial 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 fmancial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over fmandal 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 Bhatter & Co.
Chartered Accountants
FRN: 131092W
D.H Bhatter
Place: Mumbai Proprietor
Date: 12-08-2016 Membership No: