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Jattashankar Industries Ltd.

BSE: 514318 Sector: Industrials
NSE: N.A. ISIN Code: INE722N01014
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NSE 05:30 | 01 Jan Jattashankar Industries Ltd
OPEN 10.57
PREVIOUS CLOSE 10.57
VOLUME 100
52-Week high 18.45
52-Week low 10.57
P/E 4.18
Mkt Cap.(Rs cr) 5
Buy Price 11.01
Buy Qty 100.00
Sell Price 12.80
Sell Qty 200.00
OPEN 10.57
CLOSE 10.57
VOLUME 100
52-Week high 18.45
52-Week low 10.57
P/E 4.18
Mkt Cap.(Rs cr) 5
Buy Price 11.01
Buy Qty 100.00
Sell Price 12.80
Sell Qty 200.00

Jattashankar Industries Ltd. (JATTASHANKARIND) - Auditors Report

Company auditors report

To

The Members of

JATTASHANKAR INDUSTRIES LIMITED

Opinion

Report on the standalone Ind. AS Financial Statements

We have audited the accompanying standalone Ind AS financial statement of JATTASHANKARINDUSTRIES LIMITED ("the company") which comprise the Balance Sheet as at 31STMARCH 2019 the statement of Profit & Loss Account (including other comprehensiveincome) and the cash flow statement of the Company and the Statement of Changes in Equityfor the year then ended and a summary of significant accounting policies and otherexplanatory information (hereinafter referred to "the standalone Ind AS FinancialStatements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards prescribedunder section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended ("Ind AS") and other accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2019 and loss changesin equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Responsibilities of the Management and those charged with governance for the StandaloneFinancial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone Ind AS financialstatements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Ind AS. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateimplementation and maintenance of accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due 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. The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility

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 a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud 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.

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.

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 subsection (11) of section 143 ofthe Act we give in the Annexure "A" a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

2. As required by section 143 (3) of the Act we repot 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 and the statement of profit & loss and Cash Flow Statementdealt with by this Report are in agreement with the books of account; d. In our opinionthe aforesaid Standalone Ind. AS financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with relevant Rule issued thereunder.

e. On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2019 from being appointed as a director in terms of Section164 (2) of the Act

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 in our opinionand to the best of our information and according to the explanations given to us :

i. The Company has disclosed the impact of pending litigations on its Standalone Ind.AS financial statements.

ii. The Company has made provision as required under the applicable law or Ind. ASfor material foreseeable losses if any and as required on long-term contracts includingderivative contracts.

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

For and on behalf of
K.K.Jhunjhunwala& Co.
Chartered Accountants
Surendra Sureka
Partner Place: Mumbai
M.No. 119433 Date: 30.05.2019
F.R.No. 111852W

Annexure "A" to the Auditors' Report Re:JATTASHANKAR INDUSTRIES LIMITED.

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the Standalone Ind. AS financial statements for the year ended 31 March 2019we report that:

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

b. The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) The Inventory has been physically verified by the management during the year. Inour opinion the frequency of verification is reasonable. As informed no materialdiscrepancies were noticed on physical verification carried out during the year.

(iii) As Informed the Company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the Register maintained under Section 189 ofthe Act. Accordingly paragraph 3 (iii)(a)(b) and (c) of the order are not applicable tothe Company.

(iv) Based on the Information and explanation given to us in respect of loansinvestments guarantees and security the company has complied with the provisions ofsection 185 and 186 of the Act. (v) In our opinion and according to the information andexplanation given to us The Company has not accepted any deposits from the public withinthe provisions of Section 73 to 76 of the Act and the rules framed there under.

(vi) It has been explained to us that the maintenance of cost records has not beenprescribed under section 148(1) of the Act. Therefore paragraph 3 (vi) of the Order arenot applicable to the Company. (vii) (a) According to the information and explanationsgiven to us and the records of the Company examined by us In our opinion the Company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding provident fund income tax sales tax wealth tax service tax duty of customsvalue added tax cess and other material statutory dues applicable to it.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax wealth tax service tax dutyof customs value added tax cess and other material statutory dues were in arrears as at31 March 2019 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us and based on the books andrecords examined by us there are no dues of Income Tax Sales Tax Wealth Tax ServiceTax Custom Duty Excise Duty cess and other statutory dues wherever applicable whichhave not been deposited on account of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has no borrowing from any financial institution bank or dues to debentureholders.Accordingly the paragraph 3(viii) of the Order is not applicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordingly theparagraph 3(ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit. (xi) According to the information and explanations give to us andbased on our examination of the records of the Company the Company has paid/provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Ind. AS financial statements as required by theapplicable accounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) According to the information and explanations given to usthe Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For and on behalf of
K.K.Jhunjhunwala& Co.
Chartered Accountants
Surendra Sureka
Partner Place: Mumbai
M.No. 119433 Date: 30.05.2019
F.R.No. 111852W

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 JATTASHANKARINDUSTRIES LIMITED. ("the Company") as of 31st March 2019 in conjunctionwith our audit of the standalone Ind. AS financial statements of the Company for the yearended 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 authorisations 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.

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 31st March 2019 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 and on behalf of
K.K.Jhunjhunwala& Co.
Chartered Accountants
Surendra Sureka
Partner Place: Mumbai
M.No. 119433 Date: 30.05.2019
F.R.No. 111852W