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JVL Agro Industries Ltd.

BSE: 519248 Sector: Others
NSE: JVLAGRO ISIN Code: INE430G01026
BSE LIVE 15:40 | 23 Aug 21.10 0
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OPEN

21.65

HIGH

21.70

LOW

20.85

NSE 15:44 | 23 Aug 21.00 -0.25
(-1.18%)
OPEN

21.55

HIGH

21.65

LOW

20.90

OPEN 21.65
PREVIOUS CLOSE 21.10
VOLUME 12962
52-Week high 29.40
52-Week low 14.00
P/E 162.31
Mkt Cap.(Rs cr) 354
Buy Price 21.10
Buy Qty 103.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.65
CLOSE 21.10
VOLUME 12962
52-Week high 29.40
52-Week low 14.00
P/E 162.31
Mkt Cap.(Rs cr) 354
Buy Price 21.10
Buy Qty 103.00
Sell Price 0.00
Sell Qty 0.00

JVL Agro Industries Ltd. (JVLAGRO) - Auditors Report

Company auditors report

To

The Members of JVL Agro Industries Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of JVL AGRO INDUSTRIESLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2016 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 standalone financial statements that give 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 of 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 these 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 there under.

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 the 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 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 of the state of affairs of the Companyas at 31st March 2016 and its profit and its cash flows for the year ended on that date.

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 in terms of Section 143(11) of the Act we give in the"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

2. As required by Section 143 (3) of the Act we report that: (a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. (b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. (c) The Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount (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 the written representations receivedfrom the directors as on 31st March 2016 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2016 from being appointed as a directorin terms of 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) With respect to the matter to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit & Auditors) Rules 2014 in our opinion and tothe best of our information and according to the explanations given to us: i. The Companyhas disclosed the impact of pending litigations on its financial position in its financialstatements- Refer Note No.18. ii. The Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses. iii.Ther amounts which were required to be transferred to the Investor Education andProtection Fund by the Company but not transferred are disclosed in financial statement-Refer to Note -40

For Singh Dikshit & Co.
Chartered Accountants
Firm's Registration No. 07555C
Place of Signature: Varanasi Ranjish Vishwakarma
Date: 17th day of Sep 2016 Membership No. 404363

Annexure ‘A' to the Auditors' Report

The Annexure referred to in our report to the members of JVL AGRO INDUSTRIES LIMITED(the ‘Company') for the year ended on 31.03.2016. We report that:

S. No. Particulars Auditors Remark
(i) (a) whether the company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. The company has not yet maintained proper records showing full particulars including quantitative details and situation of fixed assets. Fixed Assets Register is under preparation.
(b) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account. As explained to us the assets have been physically verified by the management during the year and according to the management no material discrepancy was found during such verification.
(c) whether the title deeds of immovable properties are held in the name of the company. If not provide the details thereof; According to information and explanation given to us and on the basis of our examination of the records of the company on test check basis the title deeds of immovable properties are held in the name of the company.
(ii) whether physical verification of inventory has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so whether they have been properly dealt with in the books of accounts; The inventories have been physically verified during the year by the management the frequency of verification is reasonable. As explained by management the discrepancies noticed between physical stock and the books records were not material.
(iii) Whether the company has granted any loans secured or unsecured to companies firms Limited Liability Partnership or other parties covered in the register maintained under section 189 of the Companies Act 2013. If so. According to information and explanation given to us the company has not given any loan to parties listed under section 189 of the Companies Act 2013
(a) whether the terms and conditions of the grant of such loans are not prejudicial to the company's interest; N.A.
(b) whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular; N.A.
(c) if the amount is overdue state the total amount overdue for more than ninety days and whether reasonable steps have been taken by the company for recovery of the principal and interest; N.A.
(iv) In respect of loans investments guarantees and security whether provisions of section 185 and 186 of the Companies Act 2013 have been complied with. If not provide the details thereof. In our opinion and according to the information and explanations given to us by the management the company has not made any loans investments guarantees and security which attract section 185 and 186 of the Act.
(v) in case the company has accepted deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under where applicable have been complied with? If not the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not? The Company has not accepted any deposits from the public during the year
(vi) where maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act 2013 whether such accounts and records have been made and maintained; In our opinion the company has made and maintained cost records under section 148 (1) of the Companies Act 2013. We have not however made detailed examination of the records with a view of determining whether these are accurate or complete.
(vii) (a) is the company regular in depositing undisputed statutory dues including provident fund employees' state insurance income-tax sales-tax wealth tax service tax duty of customs duty of excise value added tax cess and any other statutory dues with the appropriate authorities and if not the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable shall be indicated. According to the information and explanation given to us and on the basis of our examination of the records of the company amount accrued in the books of account in respect of provident fund Trade tax income tax custom duty wealth tax excise duty and cess have been regularly deposited during the year and there is no undisputed statutory dues which have not been deposited.
(b) where dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute). Explained under note no. 18
(viii) whether the company has defaulted in repayment of loans or borrowings to a financial institutions bank Government or dues to debenture holders? If yes the period and amount of default to be reported. Based on our audit procedure and according to the information and explanations given to us we are of opinion that the company has not defaulted in repayment of dues to the financial institution and Banks.
(ix) whether moneys raised by way of initial public offer or further public offer ( including debt instruments) and term loans where applied for the purpose for which those are raised. If not the details together with delays or default and subsequent rectification if any as may be applicable be reported. The company did not raise any money by way of initial public offer or further offer the term loan taken has been applied for the purpose for which it raised.
(x) whether any fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the year; If yes the nature and the amount involved is to be indicated. Based upon the audit procedure performed and the information and explanations given by the management we report that no fraud by the company or on the company by its officers or employees has been noticed or reported during the course of our audit.
(xi) whether managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act? If not state the amount involved as steps taken by the company for securing refund of same. According to information and explanation given to us and based on our examination of the records of the company the company has paid/provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of the section 197 read with schedule V of the Act.
(xii) whether the Nidhi Company has complied with the Net Owned Fund to Deposits in the ration of 1:20 to meet out the liability and whether the Nidhi Company is maintaining ten per cent unencumbered term deposits as specified in the Nidhi Rules.2014 to meet out the liability. In our opinion and according to the information and explanation given to us the company is not Nidhi Company hence paragraph 3(xii) of the order is not applicable
(xiii) whether all transaction with the related parties are in compliance with section 177 and 188 of Companies Act 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standard. According to the information and explanation given to us and based on our examination of the records of the company transaction with related parties are in compliance with section 177 and 188 of the Act and transaction have been disclosed in Note -43.
(xiv) whether the company has made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and if so as to whether the requirement of sec 42 of the Companies Act 2013 have been complied with and the amount raised have been used for the purposes for which the funds were raised. If not provide the details in respect of the amount involved and nature of non-compliances. According to the information and explanation given to us and based on our examination of the records of the company the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) whether the company has entered into any non-cash transactions with directors or persons connected with him and if so whether the provisions of section 192 of Companies Act 2013 have been complied with. According to the information and explanation given to us and based on our examination of the records of the company the company has not entered into non-cash transaction with directors or persons connected with him.
(xvi) whether the company is required to be registered under section 45-IA of the Reserve Bank of India Act 1934 and if so whether the registration has been obtained. The company is not required to be registered under section 45- IA of the Reserve Bank of India Act 1934

 

For Singh Dikshit & Co.
Chartered Accountants
Firm's Registration No.07555C
Place of Signature: Varanasi Ranjish Vishwakarma
Date: 17th day of Sep 2016 Membership No. 404363

Annexure ‘B' to the 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 JVL AgroIndustries Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on internal control over financial reporting criteria establishedby the Company considering the essential 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. 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 Companies Act 2013.

Auditor's 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 2016 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 Chartered.

For Singh Dikshit & Co.
Chartered Accountants
Firm's Registration No. 07555C
Place of Signature: Varanasi Ranjish Vishwakarma
Date: 17th day of Sep 2016 Membership No. 404363