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J. K. Investo Trade (India) Ltd.

BSE: 506515 Sector: Financials
NSE: N.A. ISIN Code: INE361G01015
BSE 05:30 | 01 Jan J. K. Investo Trade (India) Ltd
NSE 05:30 | 01 Jan J. K. Investo Trade (India) Ltd

J. K. Investo Trade (India) Ltd. (JKINVESTOTR) - Auditors Report

Company auditors report

To

The Members of

J.K. Investo Trade (India) Limited

Report on the Financial Statements:

We have audited the accompanying financial statements of J.K. Investo Trade (India)Limited ("the Company") which comprise the Balance Sheetas at March312014 the Statement of Profit and Loss and the Cash Flow Statement of the Company forthe year then ended and a summary of the significantaccounting policies and otherexplanatory information.

Management's Responsibility forthe Financial Statements:

The Company's Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position and financialperformance of the Company in accordance with the Accounting Standards referred to insub-section (3C) of section 211 of the Companies Act 1956 ("the Act") read withthe general circular 15/2013 dt. 13th September 2013 of the Ministry ofCorporate Affairs in respect of section 133 of the Companies Act 2013. Thisresponsibility includes the design implementation and maintenance of internal controlrelevant to the preparation and presentation of thefinancial statements thatgive a trueand fairview and are free from material misstatement whetherdue to fraud orerror.

Auditors' Responsibility:

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withthe ethical requirements and plan and perform the auditto obtain reasonable assuranceaboutwhether the 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 orerror. In making those risk assessments theauditor considers the internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the entity's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Management as well as evaluating the overall presentation ofthefinancial statements.

We believe thattheauditevidence we have obtained is sufficientand appropriate toprovide a basisforourauditopinion.

Opinion:

In ouropinion and to the bestof our information and according to the explanations givento us the financial statements give the information required by the Act in the manner sorequired and give a true and fairview in conformity with the accounting principlesgenerally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 312014

(b) in the case of the Statement of Profitand Loss of the profit of the Companyfortheyear ended on that date and

(c) in the case of the Cash Flow Statement of the cash flows forthe year ended on thatdate.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order 2003 ("the Order")issued by the Central Government of India in terms of sub-section (4A) of section 227 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 4 and5 of the Order.

2. As required by Section 227(3) of theActwe reportthat:

(a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes ofouraudit.

(b) In our opinion proper books of accountas required by law have been kept by theCompany so far as itappears from our examination of those books.

(c) The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

(d) In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Act.

(e) On the basis of the written representations received from the Directors as on 31stMarch 2014 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2014 from being appointed as a Director in termsof clause (g) of subsection (1) of section 274 of the Act.

For LODHA& COMPANY
Chartered Accountants
Firm Registration No. 301051E
R.P.Baradiya
Mumbai Partner
April 282014 Membership No.44101

ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF THE J. K.INVESTO (TRADE) INDIA LIMITED

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of audit we state that:

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

b) All the fixed assets have been physically verified by the managementat regularintervals which is reasonable considering the size and nature of its business. Nodiscrepancies were noticed on such verification.

c) No substantial part of the fixed assets has been disposed off by the Company duringthe year.

2. The Company does not have any inventory. Therefore the provisions of clause4(ii)oftheOrderare notapplicable to the Company.

3. The Company has not granted / taken any loans secured or unsecured to/fromcompanies firms or other parties covered in the register maintained under Section 301 ofthe Act. Therefore the provisions of clause4 (iii) of the Order are notapplicable to theCompany.

4. There is adequate internal control system commensurate with the size of the Companyand the nature of its business with regard to the purchase of shares and securities fixedassets and for the sale of shares and securities. During the course of our audit nomajorweakness has been noticed in the internal control system.

5. There is no transaction thatneeds to be entered into the register maintainedpursuant to section 301 of theAct.

6. The Company has not accepted any deposits within the meaning of the Section 58A58AA or any other relevant provisions of theAct and the Rules framed there under anddirections issued by the Reserve Bank of India.

7. The Company has an adequate internal audit system commensurate with the size andnature of its business.

8. As informed the Central Governmenthas not prescribed the maintenance of Costrecords under Section 209(1) (d) of theAct in respectof service/activities carried out bythe Company.

9. a) According to the records of the Company the Company is regular in depositingundisputed statutory dues including Provident Fund Investors Education and ProtectionFund Employees' State Insurance Income Tax Wealth Tax Sales Tax Service Tax CustomsDuty Cess and other material statutory dues with the appropriate authorities to theextent applicable. According to the information and explanations given to us there are noundisputed amounts payable in respectof such statutory dues which have remainedoutstanding As at 31st March 2014for a period of six months from the date they becamepayable

b) According to the information and explanations given to us there are no dues ofsales tax / income-tax / custom duty / wealth-tax / service tax/ excise duty/cess whichhave not been deposited on account of any dispute exceptas under:

Nature of Dues Period to which the amount relates Amount (Rs.) Forum where dispute Is pending
Custom Duty Year 1991 400000 Custom Excise and Service Tax Appellate Tribunal
Income Tax A.Y. 2006-07 to A.Y. 2012-13 8866780 Income Tax Department CIT (Appeals)

10. The Company has no accumulated losses as at 31st March 2014 and it hasnot incurred any cash losses in the financial year ended on that date or in theimmediately preceding financial year.

11. As the Company has not borrowed any funds from financial institutions or banks theprovision of clause 4(xi) of the order is not applicable to the Company.

12. As the Company has not granted loans and advances on the basis of security by wayof pledge of shares debentures and other securities the provision of clause 4(xii) ofthe Order is not applicable to the Company.

13. As the Company is nota nidhi / mutual benefitfund/ society the provisions ofclause 4(xiii) of the order is notapplicable to the Company.

14. The Company has kept adequate records of its transactions and contracts in respectof dealing in shares and other investments and timely entries have been made therein. Theshares and other investments have been held in the name of the Company.

15. As the Company has not given any guarantee for loans taken by others from banks orfinancial institutions the provision of clause 4(xv) of the order is not applicable tothe Company.

16. As the Company has not availed any term loan during the year the provision ofclause 4(xvi) of the Order is not applicable to the Company.

17. As the Company has not raised anyfunds during the year the provision of clause4(xvii) of the Order is notapplicable to the Company.

18. As the Company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained under section 301 of theAct the provision ofclause 4(xviii) of the Order is not applicable to the Company.

19. As the Company has not issued any debentures during the year the provision ofclause4(xix) of the Order is notapplicable to the Company.

20. As the Company has not raised any money by way of public issue during the year theprovision of clause 4(xx) of the Order is not applicable to the Company.

21. During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the management.

For LODHA& COMPANY
Chartered Accountants
Firm Registration No. 301051E
R.P. Baradiya
Mumbai Partner
April 28 2014 Membership No.44101