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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 14.87
PREVIOUS CLOSE 14.87
VOLUME 100
52-Week high 22.05
52-Week low 13.25
P/E 7.18
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 14.87
CLOSE 14.87
VOLUME 100
52-Week high 22.05
52-Week low 13.25
P/E 7.18
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jattashankar Industries Ltd. (JATTASHANKARIND) - Auditors Report

Company auditors report

To

The Members of

JATTASHANKAR INDUSTRIES LIMITED

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 2021 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 ended and a summary of significant accounting policies and other explanatoryinformation (hereinafter referred to as “Ind. AS Financial Statements”.

Opinion

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 Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the financialposition of the Company as at 31st March 2021 and its financial performanceincluding other comprehensive income its cash flows and the changes in equity for theyear 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 (ICAI) together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the financial statements.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatementof this other information we are required to report that fact. We have nothing to reportin this regard.

Management's Responsibility for the Standalone Ind. AS Financial Statement.

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 andpresentation of these Standalone Ind. AS financial statements that give a true and fairview of the financial position and financial performance including other comprehensiveincome of the Company in accordance with the accounting principles generally accepted inIndia including the Ind. AS Specified under Section 133 of the Act read with thecompanies (Indian Accounting Standards) Rules2015 as amended and other accountingprinciples generally accepted in India.

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 StandaloneInd. AS financial statements 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.

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the Standalone AnnualFinancial Results as a whole are free from material misstatement whether due to fraud orerror and to issue an auditor's report that includes our opinion. Reasonable assurance isa high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone annual financial results. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalscepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone annualfinancial results whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theAct we are also responsible for expressing opinion through a separate report on thecomplete set of financial statements on whether the Company has adequate internalfinancial controls with reference to financial statements in place and operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the Management and Board ofDirectors.

Conclude on the appropriateness of the Management and Board of Directors' use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the appropriateness of this assumption. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial results 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 the Companyto cease to continue as a going concern.

Evaluate the overall presentation structure and content of the Standalone AnnualFinancial Results including the disclosures and whether the financial results representthe underlying transactions and events in a manner that achieves fair presentation

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies 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

Other matter

On account of COVID 19 pandemic review of physical documents (wherever required) wascarried out through scanned images of document and confirmations provided by themanagement. In accordance with Section 138(1) of the Companies Act 2013 and Company(Accounts) Rule 2014 the Company is required to Appoint Internal Auditor; howeverCompany has not appointed the Internal Auditor for the Audited Period.

Report on other Legal and regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order 2016 (‘theOrder') issued by the Central Government of India in terms of subsection (11) of section143 of the 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 opinion the aforesaid Standalone Ind. AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with relevant Ruleissued thereunder.

e. On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in termsof Section 164 (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”; and

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.

3. As required by The Companies (Amendment) Act 2017 in our opinion accordingto information explanations given to us the remuneration paid by the Company to itsdirectors is within the limits prescribed under Section 197 of the Act and the rulesthereunder

For and on behalf of
K.K.Jhunjhunwala & Co.
Chartered Accountants
F. R. No. 111852W
Surendra Sureka
Place: Mumbai Partner
Date: 29.06.2021 M.No. 119433

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 31stMarch 2021 we 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 program 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 guarantee 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 and explanation given to us TheCompany has not accepted any deposits from the public within the provisions of Section 73to 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 explanations given to us and the records ofthe Company examined by us In our opinion the Company is generally regular in depositingwith appropriate authorities undisputed statutory dues including provident fund incometax sales tax wealth tax service tax duty of customs value added tax cess and othermaterial statutory dues applicable to it. According to the information and explanationsgiven to us no undisputed amounts payable in respect of provident fund income tax salestax wealth tax service tax duty of customs value added tax cess and other materialstatutory dues were in arrears as at 31st March 2021 for a period of more thansix 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) Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion the company has not defaulted in repayment of dues toa financial institution bank Government or dues to debenture holders. (ix) The Companydid not raise any money by way of initial public offer or further public offer (includingdebt instruments) and term loans during the year. Accordingly the paragraph 3(ix) of theOrder 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 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) 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 us the 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
F. R. No. 111852W
Surendra Sureka
Place: Mumbai Partner
Date: 29.06.2021 M.No. 119433

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 ofJATTASHANKAR INDUSTRIES LIMITED. (“the Company”) as of 31st March2020 in conjunction with our audit of the standalone Ind. AS financial statements of theCompany for the year ended on that date. In our opinion the Company has in all materialrespects an adequate internal financial controls system over financial reporting and suchinternal financial controls over financial reporting were operating effectively as atMarch 31 2021 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 (the “Guidance Note”).

As per the provisions of Section 138(1) of the Companies Act 2013 read with Rule 13 ofthe Companies (Accounts) Rules 2014 the company has to appoint Internal Auditor but thecompany has not appointed until now.

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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial 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.

For and on behalf of
K.K.Jhunjhunwala & Co.
Chartered Accountants
F. R. No. 111852W
Surendra Sureka
Place: Mumbai Partner
Date: 29.06.2021 M.No. 119433

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