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Jaipan Industries Ltd.

BSE: 505840 Sector: Consumer
NSE: N.A. ISIN Code: INE058D01030
BSE 16:01 | 30 Jan 33.35 1.45
(4.55%)
OPEN

32.85

HIGH

33.45

LOW

30.50

NSE 05:30 | 01 Jan Jaipan Industries Ltd
OPEN 32.85
PREVIOUS CLOSE 31.90
VOLUME 3752
52-Week high 48.85
52-Week low 11.51
P/E 35.11
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 32.85
CLOSE 31.90
VOLUME 3752
52-Week high 48.85
52-Week low 11.51
P/E 35.11
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jaipan Industries Ltd. (JAIPANINDUSTRIE) - Auditors Report

Company auditors report

To

The Members of

JAIPAN INDUSTRIES LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of M/s JAIPAN INDUSTRIES LIMITEDwhich comprise the Balance Sheet as at 31 March 2022 the Statement of Profit and Lossthe Cash Flow Statement for the year then ended and a summary of significant accountingpolicies 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 ("the Act") with respect to the preparation 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 (Indian GAAPs) including the Accounting Standardsspecified under Section 133 of the Act as applicable read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provision of the Act for safeguarding of theassets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

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 there under. We conducted our audit in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and 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 true and fair view in order to design audit procedures thatare 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 issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

Opinion

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; a) in the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2022; b) in the case of the Statement of Profitand Loss of the profit for the year ended on that 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 (Auditor's Report) Order 2016 issued by theCentral Government of India in term of sub-section (11) of section 143 of the CompaniesAct2013 we give in the Annexure A statement on the matters specific in the paragraphs 3and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that: a. We have soughtand obtained 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 appears from ourexamination of those books (and proper returns adequate for the purposes of our audit havebeen received from the branches not visited by us). c. the Balance Sheet the Statement ofProfit and Loss and Cash Flow Statement dealt with by this Report are in agreement withthe books of account. d. In our opinion the aforesaid financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. e. The going concern matter described in sub-paragraph(b) under the Emphasis of Matters paragraph above in our opinion may have an adverseeffect on the functioning of the Company. f. On the basis of written representationsreceived from the directors as on 31 March 2022 taken on record by the Board ofDirectors none of the directors is disqualified as on 31 March 2022 from beingappointed as a director in terms of Section 164(2) of the Act. g. With respect to theother matters included in the Auditor's Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014 in our opinion and to the best of our information andaccording to the explanations given to us : i) The Company has disclosed the impact ofpending litigations on its financial position in its financial statements (NOTE No. 6) ii)The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts - or the Company did not have any long- term contracts includingderivatives contracts for which there were any material foreseeable losses iii) There hasbeen under process in transferring amounts of dividend required to be transferred to theInvestor Education and Protection Fund by the Company.

For SDA & ASSOCIATES CHARTERED ACCOUNTANTS

DAYARAM PALIWAL
PLACE : MUMBAI M.NO.109393
DATE : 30.05.2022 FIRM REG.NO. 120759W

Referred to in paragraph 1 under the heading 'Report on Other Legal & RegulatoryRequirement' of our report of even date to the financial statements of the Company for theyear ended March 31 2022:

1) (a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets; (b) The Fixed Assets havebeen physically verified by the management in a phased manner designed to cover all theitems over a period of three years which in our opinion is reasonable having regard tothe size of the company and nature of its business. Pursuant to the program a portion ofthe fixed asset has been physically verified by the management during the year and nomaterial discrepancies between the books records and the physical fixed assets have beennoticed.

(c) The title deeds of immovable properties are held in the name of the company.

2) (a) The management has conducted the physical verification of inventory atreasonable intervals. (b) The discrepancies noticed on physical verification of theinventory as compared to books records which has been properly dealt with in the books ofaccount were not material.

3) The Company has not granted any loans secured or unsecured to companiesfirms Limited Liability partnerships (LLPs) or other parties covered in the Registermaintained under section 189 of the Act. Accordingly the provisions of clause 3 (iii) (a)to (C) of the Order are not applicable to the Company and hence not commented upon.

4) In our opinion and according to the information and explanations given to usthe company has complied with the provisions of section 185 and I86 of the Companies Act2013 In respect of loans investments guarantees and security.

5) The Company has not accepted any deposits from the public and hence thedirectives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 orany other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules2015 with regard to the deposits accepted from the public are not applicable.

6) As informed to us the maintenance of Cost Records has not been specified bythe Central Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.

7) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Sales tax Service Tax Duty of Customs Duty of Excise Valueadded Tax Cess and any other statutory dues with the appropriate authorities. Accordingto the information and explanations given to us no undisputed amounts payable in respectof the above were in arrears as at March 31 2022 for a period of more than six monthsfrom the date on when they become payable.

8) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to banks. The Company has not takenany loan either from financial institutions or from the government and has not issued anydebentures.

9) Based upon the audit procedures performed and the information andexplanations given by the management the company has not raised moneys by way of initialpublic offer or further public offer including debt instruments and term Loans.Accordingly the provisions of clause 3 (ix) of the Order are not applicable to theCompany and hence not commented upon. 10) Based upon the audit procedures performed andthe information and explanations given by the management we report that no fraud by theCompany or on the company by its officers or employees has been noticed or reported duringthe year.

11) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act; 12) In our opinion and according to the informationand explanations given to us the Company is not Nidhi Company. Accordingly paragraph3(xii) of the Order is not applicable. 13) In our opinion all transactions with therelated parties are incompliance with section 177 and 188 of Companies Act 2013 and thedetails have been disclosed in the Financial Statements as required by the applicableaccounting standards.

14) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon. 15) Based upon the audit procedures performedand the information and explanations given by the management the company has not enteredinto any non-cash transactions with directors or persons connected with him. Accordinglythe provisions of clause 3 (xv) of the Order are not applicable to the Company and hencenot commented upon.

16) In our opinion the company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

For SDA & ASSOCIATES CHARTERED ACCOUNTANTS

DAYARAM PALIWAL
PLACE : MUMBAI M.NO.109393
DATE : 30.05.2022 FIRM REG.NO. 120759W

Report on the Internal Financial Control under Clause (i) of Subsection 3 of section143 of the company's Act 2013 ("the Act") We have audited the internalfinancial controls over financial reporting of JAIPAN INDUSTRIES LIMITED ("theCompany") as of 31st March 2021 in conjunction with our audit of the financialstatements of the Company for the year ended on that date.

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.

Auditors' 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. 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) 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 authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 2022 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 SDA & ASSOCIATES
CHARTERED ACCOUNTANTS
DAYARAM PALIWAL
PLACE : MUMBAI M.NO.109393
DATE : 30.05.2022 FIRM REG.NO. 120759W

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