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Jay Ushin Ltd.

BSE: 513252 Sector: Auto
NSE: N.A. ISIN Code: INE289D01015
BSE 00:00 | 19 Mar 361.00 0
(0.00%)
OPEN

356.00

HIGH

373.00

LOW

356.00

NSE 05:30 | 01 Jan Jay Ushin Ltd
OPEN 356.00
PREVIOUS CLOSE 361.00
VOLUME 26
52-Week high 648.90
52-Week low 321.00
P/E 11.29
Mkt Cap.(Rs cr) 139
Buy Price 361.00
Buy Qty 90.00
Sell Price 390.00
Sell Qty 5.00
OPEN 356.00
CLOSE 361.00
VOLUME 26
52-Week high 648.90
52-Week low 321.00
P/E 11.29
Mkt Cap.(Rs cr) 139
Buy Price 361.00
Buy Qty 90.00
Sell Price 390.00
Sell Qty 5.00

Jay Ushin Ltd. (JAYUSHIN) - Auditors Report

Company auditors report

TO THE MEMBERS OF JAY USHIN LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of JAY USHINLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information(herein after referred to as "Ind AS financial statements").

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 Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the financial positionand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed undersection 133 of the Act read with relevant rules issued there under.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on the Ind AS financial statements based onour audit.

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 there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the Ind AS financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the Ind AS financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the state ofaffairs of the Company as at 31st March 2018 and its profit/loss and its cash flows forthe year ended on that date.

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 Section 143(11) of the Act we givein the "Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order.

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 and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

d) In our opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (2) of the Act. However one of the director has vacated the office due to death;

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 financialposition in its financial statements Refer Note 29 to the financial statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts (refer Note 46on 'Provision for Warranty' to the financial statements). The Company does not have anyderivative contracts;

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

For S S Kothari Mehta & Co

Chartered Accountants

Firm's Registration No. 000756N

Neeraj Bansal

Partner

Membership No. 095960

Place : Gurugram

Date : 26 May 2018

Annexure A to the Independent Auditor's Report

Report on the matters specified in paragraph 3 of the Companies (Auditor's Report)Order 2016 ("the Order') issued by the Central Government of India in terms ofsection 143(11) of the Companies Act 2013 ("the Act") as referred to inparagraph 1 of 'Report on Other Legal and Regulatory Requirements' section

(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 by the management at reasonableintervals; no material discrepancies were noticed on such verification;

(c) According to the information and explanations given to us and based on availablerecords of the company the title deeds of immovable properties are held in the name ofthe Company;

(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 of our records the Company has not granted loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013;

(iv) The Company has not granted any loans or provided any guarantees or security tothe parties covered under section 185 and 186 of the Companies Act 2013. The Company hascomplied with the provisions of section 186 of the Companies Act 2013 in respect ofinvestment made.

(v) As per the information and explanation provided to us the Company has not accepteddeposits during the year. Further we have not come across any such deposit(s) nor themanagement has reported any such deposit(s) therefore the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed are not applicable. Also asper explanation and information provided to us there are no orders of Company Law Boardor National Company Law Tribunal or Reserve Bank of India or any Court or any otherTribunal which were required to be complying by the Company.

(vi) The Central Government has not prescribed the maintenance of cost records for theactivities carried on by the Company during the year ended 31 st March 2018 undersub-section (1) of section 148 of the Companies Act 2013 hence clause(vi) of paragraph 3of the Order is not applicable to the Company.

(vii) (a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax service taxduty of customs duty of excise value added tax goods and service tax cess and anyother statutory dues to the appropriate authorities. There are no arrears of outstandingstatutory dues as on the last day of the financial year concerned for a period of morethan six months from the date they became payable;

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues from income tax or sales tax or service tax orduty of customs or duty of excise or value added tax goods and service tax or cess whichhave not been deposited on account of any dispute.

(viii) The Company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders hence clause(viii) ofparagraph 3 of the order is not applicable to the Company;

(ix) The Company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments). The term loans were applied for the purposesfor which those are raised;

(x) According to the information and explanations given to us and the records of thecompany examined by us No fraud by the Company or fraud on the Company by its officers oremployees has been noticed or reported during the year;

(xi) The managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act;

(xii)The Company is not a Nidhi Company hence clause (xii) of the Order is notapplicable to the Company;

(xiii) The Company has entered into transactions with the related parties are incompliance with sections 177 and 188 of Companies Act 2013. Adequate disclosures arerequired by the applicable accounting standards have been made in these financialstatements;

(xiv)The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review hence clause (xiv)of paragraph 3 of the Order is not applicable to the Company;

(xv) The company has not entered into with non-cash transactions with directors andpersons connected with him. Accordingly clause (xv) of paragraph 3 of the Order is notapplicable to the Company;

(xvi)The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934;

For S S Kothari Mehta & Co

Chartered Accountants

Firm's Registration No. 000756N

Neeraj Bansal

Partner

Membership No. 095960

Place : Gurugram

Date : 26 th May 2018

Annexure B to the Independent Auditor's Report to the members of Jay Ushin Limiteddated 26 th May 2018 Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act") as referredto in paragraph 2(f) of 'Report on Other Legal and Regulatory Requirements' section

We have audited the internal financial controls over financial reporting of JAYUSHIN LIMITED ("the Company") as of March 31 2018 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively 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.

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 accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 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 judgement including the assessment of the risks of materialmisstatement 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:

a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

b) 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 authorisation of management and directors of the company; and

c) 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.

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 March 31 2018 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For S S Kothari Mehta & Co

Chartered Accountants

Firm's Registration No. 000756N

Neeraj Bansal

Partner

Membership No. 095960

Place : Gurugram

Date : 26th May 2018