To The Members of Jay Ushin Limited Report On the Standalone Financial Statements
We have audited the accompanying standalone financial JAY USHIN LIMITED statementsof(the Company') which comprise the Balance Sheet as at 31 March 2019 the Statementof Profit Comprehensive Income) the Statement of Changes in Equity and the Statement ofCash Flows for the year then ended and notes to the separate financial statementsincluding a summary of the and other explanatory information (herein after referred to as"separate financial statements"). In our opinion and to the best of ourinformation and according to the explanations given to us the aforesaid separatefinancial statements give the information required by the Companies Act 2013 so requiredand give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the company as at 31 March 2019the profit and total comprehensive income changes in equity and its cash flows for theyear ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing specified undersection143(10) of the Act (SAs). Our responsibilitiesunder those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the SeparateFinancialStatements section of our report. We are independent of the Company in accordancewith the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI)together with the ethical requirements that are relevant to our audit of the separatefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion.
Information Other than the Standalone Financial Statements and Auditor's Report thereon
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe standalone financial auditor's report thereon.
The Annual Report is expected to be made available to us after the date of issue ofthis audit report. Our opinion on the standalone financial statements does not cover theother information and 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 identified above when it becomes available and in doingso consider whether the other information is materially inconsistent with the standalonefinancial statements or our knowledge of our audit or otherwise appears to be materiallymisstated.
When we read the Annual Report if we conclude that there is a material misstatementtherein we are required to communicate the matter to those charged with governance.
Management's Responsibility for the Standalone Financial 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 financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income cash flows and changes in accordance with the Ind AS andaccounting principles generally accepted in India.
This responsibilityalsoincludesmaintenanceofadequateaccountingrecords in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing 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 financialstatements that give a trueand fair view andpresentationoftheseparate and are free from material misstatementswhether due to fraud or error.
In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibility for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a 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 separate financial statements. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the separate financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
Evaluate the appropriatenessofaccountingpolicies used and thereasonablenessofaccountingestimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe separate financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease to
Evaluate the overall presentationstructure and content of the separate financialstatements including the disclosures and whether the separate financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation. Materiality is the magnitude of misstatements in the separate financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonable knowledgeable user of the separate financial statements may beinfluenced. We consider quantitative and qualitative factors in (i) planning the scope ofour audit work and in evaluating the results of our work; and (ii) to evaluate the effectof any identified misstatements in the separate financial statements.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant deficiencies in internalcontrol that we auditfindingsincludingany identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
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 Act we give in ofIndiaintermsofsection "AnnexureA" a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3)of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; c. The Balance Sheet Statement of Profit and Loss Statementof Cash Flows and Statement of Changes in Equity dealt with by this Report are inagreement with the books of account; d. In our opinion the aforesaid separate financialstatements comply with the Ind AS specified under Section 133 of the Act read withrelevant rules issued thereunder; e. On the basis of written representations received fromthe directors as on 31 March 2019 and taken on record by the Board of Directors none ofthe directors is disqualified as on 31 March 2019 appointed as a director in terms ofSection 164(2) of the Act; f. With respect to the adequacy oftheinternalfinancialcontrolsoverfinancialreportingof the Company and the operatingeffectiveness of such controls refer to our separate report in "Annexure - B";g. With respect to the other matters to be included in the Auditor's Report in accordancewith the requirements of section 197(16) of the Act as amended: As per the informationand explanation given to us and on the basis of our examination of the records managerialremuneration has been paid or provided as specified by the provisions of section 197 readwith Schedule V to the Act. h. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 as amended in our opinion and to the best of our information and according to theexplanations given to us: i) the Company has disclosed the impact of pending litigationonits financial position in its standalone financial statements. Refer Note No 42 to thestandalone financial statements; ii) the Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses; iii)there has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fundby the Company;
For S. S. KOTHARI MEHTA & CO.
Firm Registration No. 000756N
Membership No. 095960 Place: Gurugram Date:25 May 2019
"ANNEXURE A" TO THE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAY USHINLIMITED
Referred to in paragraph 1 of report on other legal and regulatory requirement'sparagraph of our report on the financial statement of even date (i) (a) The Company hasmaintained proper records showing full particulars including quantitative details and fi.situation of (b) The fixed assets were physically verified by the management at reasonableintervals no material discrepancies were noticed on such verification .
(c) According to the information and explanation given to us and based on availablerecords of the Company the lease deed of lands located at Bhagapura Industrial EstateGujarat and Rohtak has not yet been executed by the Company however the possession hadbeen taken.
(ii) The physical verification of inventory has been conducted at reasonable intervalsby the management and no material discrepancies were noticed on such physicalverification.
(iii) As per the information and explanation given to us and on the basis of ourexamination the Company has not granted anyloanssecuredorunsecuredtocompaniesfirmsLimited Liability Partnerships or otherpartiescoveredintheregistermaintainedundersection189 of the Companies Act 2013.
(iv) The Company has not granted any loans orprovidedanyguaranteesorsecuritytothepartiescovered under section 185 and 186 of theCompanies Act 2013. The Company has complied with the of section 186 of the Companies Act2013 in respect of investment made.
(v) The Company has not accepted any deposits from the public within the meaning ofdirectives issued by the Reserve Bank of India and provisions of sections 73 to 76 or anyother relevant provisions of the Companies Act 2013 and the rules framed thereunder.
(vi) The Central Government has not prescribed themaintenanceofcostrecordsfortheactivities carried on by the Company during the year ended31 March 2019 under sub-section
Companies Act2013 hence clause(vi) of paragraph 3 of the Order is not applicable tothe Company. (vii) (a) According to the information and explanations given to us and therecords of the Company examined by us in our opinion the Company is generally regular indepositing undisputed statutory dues in respect of provident fund investor education andprotection fund employees' state insurance income tax customs duty Goods and ServicesTax Cess and other material statutory dues as applicable with the appropriateauthorities. Further there were no undisputed amounts outstanding at year end for periodof more than six months from the date they became payable.
(b) According to the information and explanations by us there are no dues of incometax custom duty Goods and Service Tax Cess and other material statutory dues which havenot been deposited on account of any dispute.
(viii) According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment ofloansfrombankandfinancialinstitutions. Further the Company has not taken any loan fromGovernment and dues to debenture holders. (ix) As per the information and explanationgiven to us and on the basis of our examination of the records the company has not raisedmoneys by way of initial public offer or further public offer (including debt instruments)and term loans were applied for the purpose for which they were raised.
(x) During the course of our examination of the books and records of the Companycarried out in with the generally accepted auditing practices in India we have neithercome across any instance of fraud by the company or on the Company by its officers oremployees noticed or reported during the year nor we have been informed of such case bythe management.
(xi) As per the information and explanation given to us and on the basis of ourmanagerial remuneration has been paid or provided as specified by the with Schedule V tothe Companies Act 2013.
(xii) The company is not a Nidhi Company therefore this clause is not applicable tothe company. (xiii) As per the information and explanation given to us and on the basis ofour examination of the records the company has transacted with the related parties whichare in compliance with section 177 and 188 of Companies Act 2013 and the details havebeen disclosed in the standalonef inancial statements as required by the Indian AccountingStandard 24"Related Party Disclosures". Refer Note No. 45 to the standalonefinancial statements.
(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year. (xv) As per theinformation and explanations given to us and on the basis of our examination of therecords the company has not entered into any non-cash transactions with directors orpersons connected with him.
(xvi) The company is not required to beregisteredundersection45-IA of the Reserve Bankof India Act 1934. Therefore this clause is not applicable to the company.
For S. S. KOTHARI MEHTA & CO.
Firm Registration No. 000756N
Membership No. 095960 Place: Gurugram Date:25 May 2019
"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAY USHINLIMITED
Report on the Internal Financial Controls under Clause (i)Section143 of theCompanies Act Sub-section of 2013 ("the Act").
We have audited the internal financial controlsoverfinancialreportingof JAY USHINLIMITED ("the Company") conjunction with our audit of the standalonefinancial statements of the Company for the asat31March2019in year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on "the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants ofIndia".Theseresponsibilitiesinclude the design implementation and maintenance ofadequate internal financial for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
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 standalone financial statements whether due to fraud orerror.
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 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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
Becauseof including theinherentlimitationsofinternal financialcontrols overfinancial possibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projectionsof anyevaluation of the internalfinancialcontrols over financial reporting to future periods aresubject to the risk that theinternalfinancialcontroloverfinancialreportingmay becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.
In our opinion based on records the Company has in all material respects an adequateinternalfinancialcontrols over financial and the internal controls over financialreportingare generally operating effectively as at 31 March 2019 based on the internal controloverfinancialreporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered
For S. S. KOTHARI MEHTA & Co.
Firm Registration No.
Partner Date: 25 May 2019
Membership No. 095960