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Jai Mata Glass Ltd.

BSE: 523467 Sector: Industrials
NSE: N.A. ISIN Code: INE250C01027
BSE 00:00 | 06 Feb 3.48 0.16
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NSE 05:30 | 01 Jan Jai Mata Glass Ltd
OPEN 3.48
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VOLUME 241003
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Mkt Cap.(Rs cr) 35
Buy Price 0.00
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Sell Price 0.00
Sell Qty 0.00
OPEN 3.48
CLOSE 3.32
VOLUME 241003
52-Week high 3.48
52-Week low 0.36
P/E
Mkt Cap.(Rs cr) 35
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jai Mata Glass Ltd. (JAIMATAGLASS) - Auditors Report

Company auditors report

M/s JAI MATA GLASS LIMITED Report on the Audit of the Financial Statements Opinion

We have audited the accompanying financial statements of JAI MATA GLASS LIMITED("the Company") which comprise the Balance Sheet as at March 31 2022 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and a summaryof the significant accounting policies and other explanatory information (hereinafterreferred to as "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 theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2022 the profit and total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor’s Responsibilities for the Auditof the Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the independence requirements that are relevant to our audit ofthe financial statements under the provisions of the Companies Act 2013 and the Rules madethereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the ICAI’s Code of Ethics. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our audit opinion onthe financial statements.

Emphasis of Matter

We draw attention to Note 38 of the financial statements which states thatthe Company had received advances from customers of Rs. 5.29 Lakhs and are outstanding formore than 365 days form part of Deemed Deposits as per the provisions of Companies Act2013. e Company has classified these as advance from customers under current liabilities.

Our opinion is not modified in respect of above matters.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.

S.no Key Audit Matter Auditor’s Response
1. Assessment of contingent liabilities relating to litigations and claims See note no. 24 to the financial statements Principal Audit Procedures
1. We tested the effectiveness of controls around the recording and re- assessment of contingent liabilities.
2. We used our subject matter experts to assess the value of material provisions in light of the nature of the exposures applicable regulations and related correspondence with the authorities
3. We challenged the assumptions and critical judgements made by management which impacted their estimate of the provisions required considering judgements previously made by the authorities in the relevant jurisdictions or any relevant opinions given by the Company’s advisors and assessing whether there was an indication of management bias.
4. We discussed the status in respect of significant provisions with the
Company’s internal tax and legal team.
5. We performed retrospective review of management judgements relating to accounting estimate included in the financial statement of prior year and compared with the outcome.
2. SEBI Enquiry See note no. 36 to the financial statements Principal Audit Procedures
We have pursued the subject matter by analyzing the reply filed with SEBI against order and the other relevant documents and replies to the questionnaire submitted by the company to the forensic auditor.

Information Other than the Financial Statements and Auditor’s Report ereon

e Company’s Board of Directors is responsible for the preparation of the otherinformation. e other information comprises the information included in the ManagementDiscussion and Analysis Board’s Report including Annexures to Board’s ReportBusiness Responsibility Report Corporate Governance and Shareholder’s Informationbut does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management’s Responsibility for the Financial Statements

e 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 financial statements that give a true and fair view of the financial positionfinancial performance total comprehensive income changes in equity and cash flows of theCompany in accordance with the Ind AS and other accounting principles generally acceptedin India. is responsibility also includes maintenance of adequate accounting records inaccordance with the provisions 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.

In preparing the financial statements management is responsible for assessing theCompany’s ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

e Board of Directors are responsible for overseeing the Company’s financialreporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor’s report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. e risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However future events or conditions may cause theCompany to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant de_ciencies in internal control that we identify during our audit We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor’s report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2020 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in "Annexure A" a statement on the matters specified in paragraphs3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act based on our audit 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) e Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164 (2) of theAct.

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 other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. e Company has disclosed the impact of pending litigations as at 31stMarch 2022 on its financial position in its financial statements refer note no. 24.

ii. e Company did not have any contracts including derivative contracts for which therewere any material foreseeable losses. iii. There were no amounting which were required tobe transferred to the Investor Education and Protection Fund by the Company.

iv. e Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts;

v. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

3. With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of section 197(16) of the Act as amended: In our opinionand according to the explanations given to us the remuneration paid by the Company to itsdirectors during the year is in accordance with the provisions of section 197 of the Act.e remuneration paid to any director is not in excess of the limit laid down under Section197 of the Act. e Ministry of Corporate Affairs has not prescribed other details underSection 197(16) which are required to be commented upon by us.

For Khiwani and Co
Chartered Accountants
Firm Registration No. 002589N
Rajesh Kumar Khiwani
Date: 14.04.2022 Partner
Place: New Delhi Membership no. 081792
UDIN : 22081792AJRAUB6959

"ANNEXURE A" TO INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members of Jai Mata Glass Limited of evendate)

i) (a) (A) e Company is maintaining proper records showing full particularsincluding quantitative details and situation of property plant and equipment.

(B) e company is maintaining proper records showing full particulars of intangibleassets

(b) As explained to us all the property plant and equipment have been physicallyverified by the management during the year. No material discrepancies were noticed on suchverification.

(c) e Company does not own any immovable property and hence the said clause is notapplicable to the company.

(d) e Company has not revalued any of its Property Plant and Equipment (includingright-of-use assets) and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against theCompany as at March 31 2022 for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and rules made thereunder

ii) (a) e Company does not own any inventory and hence the said clause is notapplicable to the company.

(b) e Company has not been sanctioned working capital limits in excess of _ 5 crore inaggregate at any points of time during the year from banks or financial institutions onthe basis of security of current assets and hence reporting under clause 3(ii)(b) of theOrder is not applicable.

iii) e Company has made security Deposit in companies firms Limited LiabilityPartnerships and granted unsecured loans to other parties during the year in respect ofwhich:

a) During the year the company has provided Security deposit amounting to Rs. 75 Lakhsto a company other than its subsidiary joint ventures and associates and balanceoutstanding as on 31-03-2022 was Rs. 200 Lakhs.

(b) In our opinion the investments made and the terms and conditions of the grant ofsecurity deposit during the year are prima facie not prejudicial to the Company’sinterest.

(c) e company has not made any loans and advances in the nature of loans hence thequestion of schedule of repayment and payment of interest does not arise.

(d) In our opinion as the company has not made any loans and advances in the nature ofloans hence the said clause is not applicable.

(e) As the company has not made any loans and advances in the nature of loans hencethe said clause is not applicable.

(f) No loans are granted by the company hence the said clause is not applicable

iv) e Company has complied with the provisions of section 185 to 186 of the Act inrespect of loans investments guarantees and security to the extent applicable.

v) e Company has not accepted any deposits within the meaning of sections 73 to 76 orany other relevant provisions of the Act. However the company had received advancefrom customers prior to the commencement of companies act 2013 amounting to Rs. 5.29 Lakhswhich are outstanding for more than 365 days and hence in our opinion fall under thedefinition of deemed deposits as per section 73 to 76 of the Companies Act 2013.

vi) e Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act in respect of activities carried out by the Company.

vii) (a) According to the information and explanations given to us the Company hasbeen regular in depositing undisputed statutory dues including provident fundinvestor education and protection fund employees’ state insurance income-tax Goodsand Services tax customs duty cess and other statutory dues applicable with theappropriate authorities and there were following undisputed amounts payable by the Companyin respect of statutory dues outstanding as at March 31 2022 for a period of more thansix than months from the date they become payable:

b) According to the information and explanations given to us the particulars of thedues of excise duty sales tax and provident fund as at March 31 2022 which has not beendeposited on account of disputes are as follows:

S. No Name of the Statute Nature of the Due Period to which it pertains Form where dispute is pending Amount (Rs. in lakhs)
1 Income Tax 1961 Tax on regular interest & interest AY.2017-18 CIT(Appeals) 85.23*
2. Employees Provident Fund Act 1952 Interest and damage charges 2006-2010 Central Government Industrial Tribunal -cum- Labour Court-II 46.67

* e company had deposited Rs. 17.05 Lakhs against the said appeal viii) There were notransactions relating to previously unrecorded income that have been surrendered ordisclosed as income during the year in the tax assessments under the Income Tax Act 1961(43 of 1961). ix) (a) e Company does not have any loans or borrowings from any lender.Hence reporting under clause 3(ix)(a) of the order is not applicable.

(b) e Company has not been declared willful defaulter by any bank or financialinstitution or government or any government authority.

(c) e Company has not taken any term loan during the year and there are no outstandingterm loans at the beginning of the year and hence reporting under clause 3(ix)(c) of theOrder is not applicable.

(d) On an overall examination of the financial statements of the Company funds raisedon short-term basis have prima facie not been used during the year for long-termpurposes by the Company

(e) On an overall examination of the financial statements of the Company the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its subsidiaries

(f) e company has not raised loans during the year on the pledge of securities held inits subsidiaries joint ventures or associate companies hence reporting under clause 3(ix) (f) is not applicable.

x) (a) e Company did not raise any money by way of initial public offer or furtherpublic offer and term loans during the year.

(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause 3(x)(b) of the Order is not applicable

xi) (a) No fraud by the Company and no material fraud on the Company has been noticedor reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year and upto the date of this report.

(c) We have taken into consideration the whistle blower complaints received by theCompany during the year (and upto the date of this report) while determining the naturetiming and extent of our audit procedures.

xii) e Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

xiii) In our opinion the Company is in compliance with Section 177 and 188 of theCompanies Act 2013 with respect to applicable transactions with the related parties andthe details of related party transactions have been disclosed in the standalone financialstatements as required by the applicable accounting standards.

xiv) (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business (b) We have considered the internal auditreports for the year under audit issued to the Company during the year and till date indetermining the nature timing and extent of our audit procedures

xv) In our opinion during the year the Company has not entered into any non-cashtransactions with its Directors or persons connected with its directors and henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company

xvi) (a) In our opinion the Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause 3(xvi)(a) (b)and (c) of the Order is not applicable.

(b) In our opinion there is no core investment company within the Group (as defined inthe Core Investment Companies (Reserve Bank) Directions 2016) and accordingly reportingunder clause 3(xvi)(d) of the Order is not applicable.

xvii) e Company has incurred cash losses during the financial year covered by ouraudit however there was no cash loss in the immediately preceding financial year.

xviii) There has been no resignation of the statutory auditors of the Company duringthe year.

xix) On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

xx) (a) e provisions of Corporate Social Responsibility (CSR) are not applicable to thecompany and hence the reporting under clause 3(xx)(a) of the order is not applicable onthe company.

(b) As the provisions of CSR are not applicable on the company and hence reportingunder clause 3(xx) (b) of the order is not applicable on the company.

xxi) As the provisions of consolidated financial statements are not applicable on thecompany the reporting under clause (xxi) of the order is not applicable on the company.

For Khiwani and Co
Chartered Accountants
Firm Registration No. 002589N
Rajesh Kumar Khiwani
Date: 14.04.2022 Partner
Place: New Delhi Membership no. 081792
UDIN : 22081792AJRAUB6959

"ANNEXURE B" TO INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members of Jai Mata Glass Limited of evendate)

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of thesection 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Jai MataGlass Limited ("the Company") as of March 31 2022 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

e Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on ‘the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance note on Audit of Internal Financial Controls Over FinancialReporting (Guidance Note) issued by the Institute Chartered Accountants of India. 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 safeguardingof its 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial controls over Financialreporting (the "Guidance note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial control. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain the reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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. e 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 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 processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that (i) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and directors of the Company; and

(iii) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company’s assets that could havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of its 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 to 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 adequate internal financialcontrols with reference to financial statements and such internal financial controls wereoperating effectively as at 31st March 2022 based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (the "Guidance Note").

For Khiwani and Co
Chartered Accountants
Firm Registration No. 002589N
Rajesh Kumar Khiwani
Date: 14.04.2022 Partner
Place: New Delhi Membership no. 081792
UDIN : 22081792AJRAUB6959

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