The Members of
JALAN TRANSOLUTIONS (INDIA) LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of JALAN TRANSOLUTIONS(INDIA) LIMITED ("the company") which comprises the Balance Sheet as at March31 2018 the statement of profit & loss and the Cash Flow Statement for the yearended and 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 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
This 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.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under and the order issued undersection 143(11) of the Act.
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 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 or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the standalone financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
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 2018;
b) In the case of statement of Profit & Loss for PROFIT for the year ended on thatdate; and
c) Cash Flow Statement for the year ended March 31 2018;
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure A' a statement on the matters specified in theparagraph 3 and 4 of the Order to the extent 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 & loss and the cash flow statementdealt with by this Report are in agreement with the books of account;
(d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;
(e) on the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164 (2) of the Act; and
(f) In our opinion the Internal Financial Control over financial reporting is adequateand operating effectively.
(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 in our opinionand to the best of our information and according to the explanations given to us:
i. The Company has no pending litigation except which is mentioned in point 37(b) ofNotes to accounts;
ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses.
iii. The Company did not have any dues on account of Investor Education and ProtectionFund.
For AGGARWAL SARAWAGI & CO
M. No. 089473
Date: 29th May 2018
Annexure A' To the Independent Auditors' Report
Referred to in paragraph 1 under the heading Report on other Legal and Regulatoryrequirements' of our report to the members of Jalan Transolutions (India) Limited for theyear Ended on 31st March 2018. We report that:
i. a) According to the information and explanations given to us the company ismaintaining proper records showing full particulars including quantitative details andsituation of fixed assets;
b) According to the information and explanations given to us these fixed assets havebeen physically verified by the management at reasonable intervals. According to theinformation and explanations given to us no any material discrepancies were noticed onsuch verification.
c) All title deeds of immovable properties are held in the name of the company.
ii. In our opinion and according to the information and explanations given to us thestock of goods has been physical verification at reasonable interval during the year bythe management in our opinion; the frequency of verification is reasonable and thediscrepancies noticed on physical verification of stock were not material as compared tobook records and it have been properly dealt with the books of account.
iii. According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act 2013 and therefore clause(iii) of paragraph 3 of the Companies (Auditors' Report) Order 2016 is not applicable onthe company hence not commented upon.
iv. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013In respect of loans investments guarantees and security.
v. According to the information and explanations given to us the company has notaccepted any deposits from public.
vi. According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records as specified under sub-section (1) ofsection 148 of the Companies Act 2013 on the company.
vii. a) In our opinion and according to the information and explanations given to usthe company is regular
in depositing undisputed statutory dues except income-tax for the A.Y 2017-18sales-tax collected during the year and TDS deducted during the year.
b) In our opinion and according to the information and explanations given to us thereare No dues of Income Tax Sales Tax Service Tax duty of customs duty of Excise valueadded tax outstanding on account of any dispute.
viii. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to a financial institution or bank exceptsome overdue of EMI"s of loans taken from various Banks and Financial Institutionsdetails of which have been disclosed in the Financial Statements (Note 22).
ix. In our opinion and according to the information and explanations given to us thecompany has raised money by way of Initial Public Offer (IPO) and term loans and wasapplied for the purpose for which those are raised.
x. In our opinion and according to the information and explanations given to us thereis not any fraud by the company or on the company by its officers or employees has beennoticed or reported during the year.
xi. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.
xii. The company is not a Nidhi Company so the provisions of a Nidhi Company are notapplicable.
xiii. In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards.
xiv. In our opinion and according to the information and explanations given to us thecompany has not made any private placement of shares during the year under review.
xv. In our opinion and according to the information and explanations given to us thecompany has not entered into any non-cash transactions with directors or persons connectedwith him.
xvi. In our opinion the company is not required to be registered under section 45 IAof the reserve bank of India Act 1934 and accordingly the provisions of clause 3 (xvi)of the Order are not applicable to the company and hence not commented upon.
For Aggarwal Sarawagi & Company
Firm's Reg. No: 016765N
M. No: 089473