You are here » Home » Companies » Company Overview » Jayatma Industries Ltd

Jayatma Industries Ltd.

BSE: 531323 Sector: Industrials
NSE: N.A. ISIN Code: INE250D01017
BSE 00:00 | 19 Mar 17.85 0
(0.00%)
OPEN

17.85

HIGH

17.85

LOW

17.85

NSE 05:30 | 01 Jan Jayatma Industries Ltd
OPEN 17.85
PREVIOUS CLOSE 17.85
VOLUME 1
52-Week high 20.85
52-Week low 5.11
P/E 19.62
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 17.75
Sell Qty 325.00
OPEN 17.85
CLOSE 17.85
VOLUME 1
52-Week high 20.85
52-Week low 5.11
P/E 19.62
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 17.75
Sell Qty 325.00

Jayatma Industries Ltd. (JAYATMAINDUSTRI) - Auditors Report

Company auditors report

To

The Members

Santaram Spinners Limited

REPORT ON THE IND AS FINANCIAL STATEMENTS

1. We have audited the accompanying Ind AS financial statements of SANTARAM SPINNERSLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2018 the Statement of Pro t and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE IND AS FINANCIAL STATEMENTS

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder section 133 of the Act read with the Companies (Indian Accounting Standard) Rules2015 as amended and other accounting principles generally accepted inIndia.

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 selection and application of appropriateaccounting policies ; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of Ind AS financial statements thatgive a true and fair view and are free from material misstatement whether due to fraudorerror.

AUDITORS’ RESPONSIBILITY

3. Our responsibility is to express an opinion on these Ind AS financial statementsbased on our audit. In conducting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act and other applicableauthoritative announcements issued by Institute of Chartered Accountants of India. ThoseStandards and pronouncements require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the Ind AS financialstatements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the Ind AS financial statements. The procedures selected depend onthe 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 fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the Ind AS nancialstatements.

5. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

OPINION

6. 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 of the state of a airs of the Companyas at 31st March 2018 and its profit total comprehensive income its cash flows and thechanges in equity for the year ended on that date.

OTHER MATTER

7. The corresponding financial information of the Company as at and for the year ended31st March 2017 and the transition date opening balance sheet as at 1st April 2016included in these Ind AS financial statements are based on the previously issuedfinancial statements for the years ended 31st March 2017 and 31st March 2016 preparedin accordance with the Companies (Accounting Standards) Rules 2006 (as amended) whichwere audited by the predecessor auditor on which an unmodi ed opinion was expressed videtheir audit report dated 30th May2017 and 30th May 2016 respectively which is alsoexplained in NoteNo.29.15 of the attached financial statements. These financial statementshave been adjusted for differences in accounting principles to comply with IndAS and suchadjustments on transition to IndAS which has been approved by the Company’s Board ofDirectors have been audited by us.

Our opinion is not modified in respect of this matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

8. As required by the Companies (Auditor’sReport) Order 2016("theOrder") issued by the Central Government of India in terms of Section143(11) of the Act we give in "Annexure A" a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

9. As required by Section 143(3) of the Actbased on our audit we reportto the extentapplicablethat: a) We have sought and obtained all the information and explanations whichto the best of our knowledge and belief were necessary for the purposes of ouraudit.

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 Pro t and Loss including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid IndAS financial statements comply with the IndianAccounting Standards prescribed under section 133 of the Act read with the Companies(Indian Accounting Standard) Rules 2015 as amended.

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 is disqualied as on 31st March 2018 from being appointed as a Director in terms of Section 164(2) oftheAct.

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". Our report expresses an unmodi ed opinion onthe adequacy and operating effectiveness of the Company’s internal financial controlsover financial reporting.

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 as amended inour opinion and to the best of our information and according to the explanations giventous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as stated in Note No. 29.1 to the financialstatement;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long term contractsincluding derivative contracts.

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

iv. The reporting on disclosures relating to Speci ed Bank Notes is not applicable tothe Company for the year ended 31stMarch 2018.

For Keyur Bavishi & Co.
CharteredAccountants
Firm’s Registration No.131191W
Keyur Bavishi
Place : Ahmedabad Proprietor
Date : 14thMay2018 M.No. 136571

ANNEXURE A TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 8 of the Auditors’ Report of even date to the members ofSantaram Spinners Limited on the financial statements for the year ended 31stMarch2018.) 1. (a) The Company has maintained records showing full particulars includingquantitative details and situation of its xed assets.

(b) As explained to us a substantial portion of the xed assets have been physicallyveri ed by the management during the year and no material discrepancies have been noticedon such veri cation.

(c) As explained to us the title deeds of immovable properties are held in the name ofthe Company.

2. (a) As per information and explanation given to us inventory of raw materials/finished goods/traded goods/ spares and consumables has been physically veri ed by themanagement at regular intervals. In our opinion the frequency of veri cation isreasonable.

(b) On the basis of our examination of the inventory records produced before us and inour opinion the Company is maintaining proper records of inventory. The discrepancies ifany cation physical veri of inventory as compared to book records have beenproperly dealt with in books of accounts.

3. (a) Thecompany has not granted loans secured or unsecured to rms Companies or otherparties covered in the register maintained under Section 189 of the Companies Act 2013.Hence paragraph 3(b) and 3(c) of the Order is not applicable.

4. As explained to us there is no transaction of loans investments guarantees andsecurity prescribed in the provision of Section 185 and 186 of the Companies Act2013during the year under audit. Consequently requirement of clause (iv) of paragraph of theOrder is not applicable.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted Deposits during the year and consequently directives issued byReserve Bank of India and the provisions of Section 73 to 76 or any other relevantprovision of the CompaniesAct andrules framed there under are not applicable to theCompany.

6. We are informed that maintenance of cost records as prescribed by the CentralGovernment of India under subsection (1) of Section 148 of the Companies Act 2013 inrespect of the Company products are not applicable. Hence the provisions of Clause (vi)of paragraph 3 of the Order are not applicable to the Company. 7. (a) According to theinformation and explanations given to us and the records of the Company examined by us inour opinion the Company is generally regular in depositing undisputed statutory duesincluding provident fund investor education and protection fund employees’ stateinsurance income tax sales tax wealth tax service tax custom duty excise duty cessand other material statutory dues to the extent applicable with the appropriateauthorities in India.

(b) According to the information and explanations given to us and the records of theCompany examined by us the particulars of dues of income tax sales tax as on 31stMarch2017 which have not been deposited on account of dispute are as under:

Name of the Statue Nature of Dues Amount (Rs.) Period to which the amount relates Forum where the dispute is pending
Central Sales Tax Sales Tax Including 956900/- F.Y. 2006-07 Sales Tax Tribunal
(VAT)
Act and Local Sales Tax Act Interest and Penalty as applicable 914477/- F.Y. 2006-07 Sales Tax Tribunal
(VAT)

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to financial institution/bank/debentureholders during the year under audit. Hence the provisions of Clause (viii) of paragraph 3of the Order are not applicable to the Company.

9. According to the information and explanation given to us the Company has not raisedmoney by way of initial public o er or further public o er (including debt instruments) orterm loans during the year under audit. Hence the provisions of Clause (ix) of paragraph3 of the Order are not applicable to the Company.

10. According to information and explanation given to us and the records of the Companyexamined by us neither fraud on or by the Company has been noticed or reported during theyear.

11. According to information and explanation given to us and the records of the Companyexamined by us the Company has not paid or provided managerial remuneration in the booksof account. Hence the provisions of Clause (xi) of paragraph 3 of the Order are notapplicable to the Company.

12. According to the information and explanation given to us the Company is not aNidhi Company. Hence the provisions of Clause (xii) of paragraph 3 of the Order are notapplicable to the Company.

13. According to information and explanation given to us transaction with the relatedparties are in compliance with sections 177 and 188 of Companies Act 2013 and detailshave been disclosed in the Financial Statements. As required by the applicable accountingstandards.

14. According to information and explanation given to us and the records of the Companyexamined by us the Company has not made any preferential allotment or private placementof shares or fully or partly convertible debentures during the year under review.Consequently clause (xiv) of paragraph 3 of the Order is not applicable to the Company.

15. According to information and explanation given to us and the records of the Companyexamined by us the Company has not entered into any non-cash transaction with directorsor persons connected with him. Consequently requirement of clause (xv) of paragraph 3 ofthe Order is not applicable to the Company.

16. According to information and explanation given to us and the records of the Companyexamined by us the Company is not undertaking any activity which requires registrationunder Section 45-IA of the Reserve Bank of India Act 1934. Consequently requirement ofclause (xvi) of paragraph 3 of the Order is not applicable to the Company.

For Keyur Bavishi & Co.
CharteredAccountants
Firm’s Registration No.131191W
Keyur Bavishi
Place : Ahmedabad Proprietor
Date : 14thMay2018 M.No. 136571

ANNEXURE - ‘B’ TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to clause (f) of Paragraph 9 to the Independent Auditor’s Report of evendate to the members of Santaram Spinners Limited on the Ind AS financial statements forthe year ended 31stMarch2018)

Report on the Internal Financial Controls under Clause(i) of Sub-section3 of Section143 of the Companies Act 2013

("the Act")

We have audited the internal financial controls over financial reporting of SantaramSpinners Limited ("the Company") as at 31st March 2018 in conjunction withour audit of the Ind AS 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 (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and the cientconduct of its business including adherence to Company’s policies the safeguardingof its 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 Act2013.

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 materialrespects.

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 financialreportingassessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk.Theprocedures selected depend on the auditor’s judgment including the assessment of therisks of material misstatement of the 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 nancialstatements.

Inherent Limitations of Internal Financial Controls over Financial Reporting limitationsBecause of the inherent of internal financial controls over financial reporting includingthe possibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting to futureperiods are subject to the risk that the internal financial control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance 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 2018 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 ofIndia.

For Keyur Bavishi & Co.
CharteredAccountants
Firm’s Registration No.131191W
Keyur Bavishi
Place : Ahmedabad Proprietor
Date : 14thMay2018 M.No. 136571