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Jain Irrigation Systems Ltd-DVR.

BSE: 570004 Sector: Industrials
NSE: JISLDVREQS ISIN Code: IN9175A01010
BSE 00:00 | 17 Sep 17.05 0.12
(0.71%)
OPEN

16.20

HIGH

17.70

LOW

16.20

NSE 00:00 | 17 Sep 17.15 0.25
(1.48%)
OPEN

16.90

HIGH

17.65

LOW

16.75

OPEN 16.20
PREVIOUS CLOSE 16.93
VOLUME 18416
52-Week high 58.00
52-Week low 13.25
P/E 0.31
Mkt Cap.(Rs cr) 33
Buy Price 17.01
Buy Qty 300.00
Sell Price 17.31
Sell Qty 2.00
OPEN 16.20
CLOSE 16.93
VOLUME 18416
52-Week high 58.00
52-Week low 13.25
P/E 0.31
Mkt Cap.(Rs cr) 33
Buy Price 17.01
Buy Qty 300.00
Sell Price 17.31
Sell Qty 2.00

Jain Irrigation Systems Ltd-DVR. (JISLDVREQS) - Auditors Report

Company auditors report

To

The Members of Jain Irrigation Systems Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Jain Irrigation SystemsLimited ("the Company") which comprise the Balance Sheet as at March 31 2014the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act 1956 ("the Act"). This responsibility includesthe design implementation and maintenance of internal control relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

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 withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 auditors'judgment 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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion the effectiveness of theCompany's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2014;

b) In the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' 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 the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge 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 appears from our examination of those books;

c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d. In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the accounting standards referred to in sub-section (3C) of section211 of the Act;

e. On the basis of written representations received from the directors as on March 312014 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Companies Act 1956.

For Haribhakti & Co.
Chartered Accountants
FRN 103523W
Sd/-
Rakesh Rathi
Date May 22 2014 Partner
Place Mumbai Membership No. 45228

Annexure to Auditors' Report

Referred to in paragraph 1 under ''Report on other Legal and Regulatory Requirements''in Auditors' Report of even date to the members of Jain Irrigation Systems Limited on thefinancial statements for the year ended March 31 2014

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

(b) All the fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. As informed nomaterial discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us asubstantial part of fixed assets has not been disposed of by the company during the year.

(ii) (a) The inventory (excluding stocks with third parties) has been physicallyverified by the management during the year. In respect of inventory lying with thirdparties these have substantially been confirmed by them. In our opinion the frequency ofverification is reasonable.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory and no materialdiscrepancies were noticed on physical verification carried out at the end of the year.

(iii) (a) As informed the Company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 301 ofthe Company Act1956. Accordingly the provisions stated in paragraph 4 (iii)(b)(c) and(d) of the order are not applicable.

(b) As informed the Company has not taken any loans secured or unsecured fromcompanies firms or other parties covered in the register maintained under section 301 ofthe Act. Accordingly the provisions stated in paragraph 4 (iii)(f)and (g) of the orderare not applicable.

(iv) In our opinion and according to the information and explanations given to usthere exists an adequate internal control system commensurate with the size of the Companyand the nature of its business with regard to purchase of inventory fixed assets and withregard to the sale of goods and services. During the course of our audit we have notobserved any continuing failure to correct weakness in internal control system of thecompany.

(v) According to the information and explanations given to us we are of the opinionthat there have been no contracts or arrangements referred to in section 301 of the Actthat need to be entered into the register maintained under section 301.

(vi) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits from the public within the meaning of Sections 58Aand 58AA of the Act and the rules framed there under.

(vii) In our opinion the Company has an internal audit system commensurate with thesize and nature of its business.

(viii) We have broadly reviewed the books of account maintained by the company inrespect of products where pursuant to the Rules made by the Central Government of Indiathe maintenance of cost records has been prescribed under clause (d) of sub-section (1) ofSection 209 of the Act and we are of the opinion that prima facie the prescribed accountsand records have been made and maintained.

(ix) (a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund investor education and protectionfund employees' state insurance income-tax sales-tax wealth-tax service tax customsduty excise duty cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed dues inrespect of provident fund investor education and protection fund employees' stateinsurance income-tax wealth-tax service tax sales-tax customs duty excise duty cessand other undisputed statutory dues were outstanding at the year end for a period ofmore than six months from the date they became payable.

(c) According to the records of the Company the dues outstanding of income-taxsales-tax wealth-tax service tax customs duty excise duty and cess on account of anydispute are as follows:

Name of the statute Nature of dues Amount ( Rs in Million) Period to which the amount relates Forum where dispute is pending
Central Sales Tax and Local Sales Tax Sales Tax 74.42 1998-1999 2012-2013 Department Authorities
Service Tax Service Tax 25.78 2010-2011 to 2011-2012 Commissioner (Appeals)
188.32 2008-2009 High Court
Excise Duty Excise Duty 50.63 2008-2009 to 2013-2014 Commissioner (Appeals)
55.70 2010-2011 to 2011-2012 Department Authorities

(Rs) The company has no accumulated losses at the end of the financial year and it hasnot incurred cash losses in the current and immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us theCompany is generally regular in repayment of dues to a financial institution bank ordebenture holders.

(xii) According to the information and explanations given to us and based on thedocuments and records produced to us the company has not granted loans & advances onthe basis of security by way of pledge of shares debentures and other securities.

(xiii) In our opinion the Company is not a chit fund or a nidhi / mutual benefit fund/ society. Therefore the provisions of clause (xiii) of paragraph 4 of the Companies(Auditor's Report) Order 2003 (as amended) are not applicable to the Company.

(xiv) In our opinion the Company is not dealing in or trading in shares securitiesdebentures and other investments. Accordingly the provisions of clause (xiv) of paragraph4 of the Companies (Auditor's Report) Order 2003 (as amended) are not applicable to theCompany.

(xv) In our opinion and according to the information and explanations given to us theterms and conditions of the guarantees given by the company for loans taken by subsidycompany and others from banks or financial institutions during the year are notprejudicial to the interest of the company.

(xvi) In our opinion the term loans have been applied for the purpose for which theloans were raised.

(xvii) According to the information and explanations given to us and on an overallexamination of the Balance Sheet of the Company we report that no funds raised onshort-term basis have been used for long-term investment.

(xviii) According to the information and explanations given to us the company has madepreferential allotment of shares to parties and companies covered in the registermaintained under section 301 of the Act. In our opinion the prices at which shares havebeen issued is not prejudicial to the interest of the company.

(xix) According to the information and explanations given to us no debentures havebeen issued by the company during the year.

(xx) The Company has not raised money by way of public issue during the year.

(xxi) 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 Haribhakti & Co.
Chartered Accountants
FRN 103523W
Sd/-
Rakesh Rathi
Date May 22 2014 Partner
Place Mumbai Membership No. 45228