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Jay Energy & S Energies Ltd.

BSE: 526523 Sector: Financials
NSE: N.A. ISIN Code: INE315L01029
BSE 00:00 | 28 Feb Jay Energy & S Energies Ltd
NSE 05:30 | 01 Jan Jay Energy & S Energies Ltd
OPEN 0.53
PREVIOUS CLOSE 0.51
VOLUME 6000
52-Week high 0.53
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.53
CLOSE 0.51
VOLUME 6000
52-Week high 0.53
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jay Energy & S Energies Ltd. (JAYENERGY) - Auditors Report

Company auditors report

To the Members of JAY ENERGY AND S. ENERGIES LTD.

Report on the Financial Statements

We have audited the accompanying financial statements of JAY ENERGY AND S. ENERGIES LTD("the Company") which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit and Loss for the year then ended & Cash Flow Statement for theyear and a summary 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 and financial performance of the Company inaccordance with the Accounting Standards notified under the Companies Act 1956 ("theAct") read with the General Circular 15/2013 dated 13th September 2013 ofthe Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013.This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's 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 theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial 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 2015;

b) in the case of the Profit and Loss Account of the loss for the year ended on thatdate; and

c) Cash Flow Statement for the year ended on that date;

Report on Other Legal and Regulatory Requirements

1. This report does not include a statement on the matters specified in paragraph 4 ofthe Companies (Auditor’s Report) Order 2003 issued by the Department of CompaniesAffairs in terms of section 227(4A) of the Companies Act 1956 since in our opinion andaccording to the information and explanations given to us the said order is notapplicable to the company due to no activities of manufacturing nature.

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 and Statement of Profit and Loss dealt with by this Report are inagreement with the books of account.

d) In our opinion the Balance Sheet and the Statement of Profit and Loss comply withthe Accounting Standards notified under the Companies Act 1956 read with the GeneralCircular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respectof section 133 of the Companies Act 2013.

e) On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Companies Act 1956.

f) Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act 1956 nor has it issued anyRules under the said section prescribing the manner in which such cess is to be paid nocess is due and payable by the Company. ft

The Annexure referred to in paragraph 1 of Our Report on Other Legal and RegulatoryRequirements.

We report that:

1. (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) As explained to us these fixed assets have been physically verified by themanagement at reasonable intervals; no any material discrepancies were noticed on suchverification.;

2. (a) In our opinion. As there is no stock on hand the matters of physicalverification of inventory the procedures of physical verification of inventory followedby the management whether reasonable and adequate in relation to the size of the companyand the nature of its business and maintenance of proper records of inventory is notapplicable to the company.

3. The Company has not granted loans to parties covered in the register maintainedunder section 189 of the Companies Act.

4. In our opinion and according to the information and explanations given to us thematter of generally an adequate internal control procedure commensurate with the size ofthe company and the nature of its business for the purchase of inventories & fixedassets and payment for expenses & for sale of goods is not applicable to the companythis year.

5. The company has not accepted any deposits from the public covered under section 73to 76 or any other relevant provisions of the Companies Act and the rules framed thereunder.

6. As per information & explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of section148 of the Act.

7. (a) According to the records of the company there are no undisputed statutory duesincluding Provident Fund Investor Education and Protection Fund Employees’ StateInsurance Income-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cessetc. and hence there were no outstanding statutory dues as on 31st of March2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there is no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty whichever applicable which have not been deposited on account of anydisputes.

(c) According to the information and explanations given to us the matter of the amountrequired to be transferred to investor education and protection fund in accordance withthe relevant provisions of the Companies Act 1956 (1 of 1956) and rules made there underis not applicable to the company..

8. The Company has incurred cash loss of Rs. 2 211/- in current year (P. Y. Rs. 2210) and the accumulated amount of loss is 26 95 738/- (P. Y. Rs. 26 93 627/-).

9. In our opinion and according to the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders as applicable to the company:

10. According to the information and explanations given to us the Company has notgiven any guarantees for loan taken by others from a bank or financial institution;

11. Based on our audit procedures and on the information given by the management thecompany has not taken any term loan during the year;

12. According to the information and explanations given to us we report that no fraudon or by the Company has been noticed or reported during the year nor have we beeninformed of such case by the management..

For Praful N. Shlh & Co.
Chartered Accountants
FRN: 108057w
(P.N.Shah)
Place: - AHMEDABAD ( Proprietor)
Date: 25th. May 2015 Mem. No! 015591

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