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Jet Knitwears Ltd.

BSE: 538374 Sector: Industrials
NSE: JETKNIT ISIN Code: INE564T01017
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Jet Knitwears Ltd. (JETKNIT) - Auditors Report

Company auditors report

To

The Members of JET KNITWEARS LTD

KANPUR

Report on the Financial Statements

We have audited the accompanying financial statements of JET KNITWEARS LTD whichcomprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss CashFlow Statement for the year then ended and a summary of significant accounting policiesand other explanatory information.

Management’s Responsibility For the Financial Statement

The Company’s Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014(‘’theRules’’). This responsibility also includes the maintenance of adequateaccounting records in accordance with the provision of the Act for safeguarding of theassets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the company as at March31 2017 and its Profit/Loss and Cash Flow for the year ended on that date. Report onother Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order2016(" theorder") as amended issued by the Central Government of India in terms of sub-section(11) of section 143 of the Act we give in the "Annexure B" statement onthe 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 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

The Company so far as appears from our examination of those books

c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account

d) In our opinion the aforesaid 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 written representations received from the directors as on 31 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2017 from being appointed as a director of the company in terms of Section164(2) of the Act.

f) With respect to the adequacy of internal financial control over financial reportingof the Company and the operating effectiveness of such controls refer to our separateReport in "Annexure A".

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) Ruls2014in our opinion andto the best of our information and according to the explanations given to us:

i. The Company has disclosed that there in is no pending litigations which would impactits financial position in its financial statements ii. In our opinion and as per theinformation and explanations provides to us the Company has not entered into anylong-term contracts including derivative contracts requiring provision under applicablelaws or accounting standards for material foreseeable losses and

iii. There was no amount required to be transferred to the Investor Education andProtection Fund by the Company. iv. The company has provided requisite disclosure in thefinancial statements as to holding as well as dealings in specified bank notes during theperiod from Nov 8 2016 to Dec 30 2016. Based on audit procedures and relying on managementrepresentation we report that the disclosure are in accordance with books of accountsmaintained by the company and as produced to us by the management.

FOR PANKAJ KHANNA & ASSOCIATES
(Chartered Accountants)
Place: Kanpur Pankaj Khanna
Dated: 27/05/2017 (Partner)
M.No 070213

"ANNEXURE B"TO THE AUDITOR’S REPORT

Ref :JET KNITWEARS LTD

(Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirement’ of our report of even date to the members of the company onfinancial Statements of the Company for the year ended March 31 2017)

Report on the companies (Auditor’s Report) order 2016issued in terms of section143(11)of companies act 2013("the Act")of JET KNITWEARS LTD("theCompany")

(1) In respect of its fixed assets

a) The Company has maintained proper records showing full particularsincludingquantitative details and situation of fixed assets.

b) Fixed Assets have been physically verified by the management during the year inaccordance with its plan of verifying in a phased manner and no material discrepancieswere identified on such verification.

c) According to the information and explanations given by management the titledeed of immovable properties included in fixed assets are held in the name of the company

(2) Inventories have been physically verified by the management during the year exceptmaterial lying with third parties and stock in transit in respect of which confirmationsand necessary documentary evidences have been obtained. In our opinion the frequency ofverification is reasonable. The company is maintaining proper records of inventory. Thediscrepancies noticed on verification between physical inventories and book records werenot material in relation to the size of operations of the company and the same have beenproperly dealt with in the books of account.

(3)The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register Maintained undersection 189 of the Act Accordingly the provisions of clause 3 (iii) (a) to (c) of theOrder are not applicable to the Company and hence not commented upon.

(4) In our opinion and according to the information and explanations given to us inrespect of loans and advances given investments made and gaurantees and securities givencompany has complied with the provisions of section 185 and 186 of the Companies Act2013. (5)The Company has not accepted any deposits from the public nor are there anydeposits outstanding in the begning of the year. (6) As informed to us the maintenance ofCost Records has not been specified by the Central Government under sub-section (1) ofSection 148 of the Act in respect of the activities carried on by the company.

7) (a) According to information and explanations given to us and on the basis ofour examination of the books of account and records the Company has been generallyregular in depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Sales tax Service Tax Duty of Customs Duty of Excise Valueadded Tax Cess and any other statutory dues with the appropriate authorities. Accordingto the information and explanations given to us no undisputed amounts payable in respectof the above were in arrears as at March 31 2017 for a period of more than six monthsfrom the date on when they become payable.

b) According to the information and explanation given to us there are no duesof income tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute

8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

9) Based upon the audit procedures performed and the information and explanations givenby the management the company has raised moneys by way of initial public offer during theyear.

10) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid/provided in accordancewith the requisite approvals mandated by the provisions of section 197 read with schedulev to the companies act 2013.

12) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3 (xii) of the Order are not applicable to the Company.

13) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the notes to the financial statements as required by the applicableaccounting standards.

14) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

15) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

16) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act1934 are not applicable to the company.

FOR PANKAJ KHANNA & ASSOCIATES
CHARTERED ACCOUNTANTS
Pankaj Khanna
Place: Kanpur (Partner)
Date : 27/05/2017 M.No.070213

"Annexure A" to the Independent Auditor’s Report of even Date on theFinancial Statements of JET KNITWEARS LTD

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 of JETKNITWEARS LTD ("the Company") as of March 31 2017 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

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"} 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 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 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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

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 2017 based on{"the internal were operating effectively criteria established by the note on auditof internal financial controls over financial reporting issued by the institute ofChartered Accountants of india"}.

FOR PANKAJ KHANNA & ASSOCIATES
CHARTERED ACCOUNTANTS
Pankaj Khanna
Place : Kanpur (Partner)
Dated : 27/05/2017 M.No.070213