Jagson Airlines Ltd.
|BSE: 520139||Sector: Services|
|NSE: N.A.||ISIN Code: INE685B01018|
|BSE 00:00 | 20 Jul||Jagson Airlines Ltd|
|NSE 05:30 | 01 Jan||Jagson Airlines Ltd|
|BSE: 520139||Sector: Services|
|NSE: N.A.||ISIN Code: INE685B01018|
|BSE 00:00 | 20 Jul||Jagson Airlines Ltd|
|NSE 05:30 | 01 Jan||Jagson Airlines Ltd|
THE MEMBERS OF JAGSON AIRLINES LIMITED
Report on the Financial Statements
We have audited the accompanying Ind AS financial statements of JAGSON AIRLINESLIMITEDwhich comprise the Balance Sheet as at 31 March 2018 the Statement of Profit and Lossthe Statement of Changes in Equity and the Cash Flow Statement for the year then endedand a summary of significant 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 with respect to the preparation and presentation 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 Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequateinternal financial controlthat were operating effectively for ensuring the accuracy and completeness of theaccounting 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.
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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give 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 Company's Directors as well as evaluating the overall presentation ofthe 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.
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 at31*March2018its profit/loss 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 2015 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act we give in theAnnexure a statement on the matters Specified in paragraphs 3 and 4 of the Order to theextent applicable.
2. 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 purposes 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) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are In agreement with the books of account.
d) In our opinion the aforesaid financial statements comply with the Indian AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
e) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.
f) 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 derivatives contractsfor which there were any material foreseeable losses
iii. There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund
Annexure-A to the Auditors' Report
[Referred to in paragraph 1 under Report on Other Legal and RegulatoryRequirements' of our Report of even date to the members of Jagson Airlines Limited on theaccounts of the company for the year ended 31** March 2018]
On the basis of such checks as we considered appropriate and according to theinformation and Explanations given to us during the course of our audit we report that:
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.
(b) As explained to us fixed assets have been physically verified by themanagement during the year in accordance with the phased programme of verification adoptedby the management which in our opinion provides for physical verification of all thefixed assets at reasonable intervals. According to the information and explanations givento us no material discrepancies were noticed on such verification.
(ii) In respect of its inventory:
a) As explained to us there are no inventories of store and spare parts are availableas verified and explained by the Management.
b) In our opinion and according to the information and explanation given to us theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.
c) .In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification of stocks as compared to book records.
(iii) In respect of loans secured or unsecured granted to the parties covered inregister maintained under section 189 of the Companies Act
(a) According to the information and explanations given to us the Company has notgranted any loans to companies firms or other parties covered in the Register maintainedunder Section 189 of the Companies Act 2013; and therefore paragraph 3(iii) of the Orderis not applicable.
(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures
commensurate with the size of the company and the nature of its business for thepurchase of inventory fixed assets and for the sale of goods (and/services). During thecourse of our Audit we have not observed any continuing failure to correct majorweaknesses in internal control.
(v) The company has not received any public deposits during the year.
(vi) As informed to us the Central Government has not prescribed maintenance ofcost records under sub-section (1) of Section 148 of the
Act in respect of the activities carried on by the Company
(vii) In respect of statutory dues:
(a) According to the records of the company and information and explanations givento us the Company has generally been regular in
depositing undisputed statutory dues including Provident Fund employees stateinsurance (ESI) Investor Education and
Protection Fund Income-tax Tax deducted at sources Tax collected at sourceProfessional Tax Sales Tax value added tax (VAT) GST Wealth Tax Service Tax CustomDuty Excise Duty Cess and other material statutory dues applicable to it with theappropriate authorities.
(b) According to the information and explanations given to us there were noundisputed
amounts payable in respect of Income-tax Wealth Tax Custom Duty Excise Duty salestax VAT Cess and other material statutory dues in arrears /were outstanding as at 31March 2018 for a period of more than six months from the date they became payable.
(c) There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund.
(viii) The company have the accumulated losses of Rs.395461750/- at the end offinancialyear 2017-18
(ix) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues
to financial institutions banks and debenture holders.
(x) In our opinion and according to the information and the explanation given tous the company has not given any guarantee for loans taken by others from banks orfinancial institutions during the year;
(xi) The company has not obtained any term loan during the year so this para oforder is not applicable.
(xii) To the best of our knowledge and according to the information andexplanations given to us no fraud by the Company and no material fraud on the Company hasbeen noticed or reported during the year.
Place: New Delhi Date: 29/ 05/2020
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 JagsonAirlines Limited ("the Company") as of 31 March 2018 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 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.
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. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial 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 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.
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 31 March 2018 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 MADAN JHA & ASSOCIATES Chartered Accountants
Firm Registration No.: 016288N)
Proprietor (Membership No.: 097041)
Place: New Delhi