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Jhaveri Credits & Capital Ltd.

BSE: 531550 Sector: Financials
NSE: N.A. ISIN Code: INE865D01012
BSE 00:00 | 11 Aug 8.48 -0.01
(-0.12%)
OPEN

8.35

HIGH

8.91

LOW

8.35

NSE 05:30 | 01 Jan Jhaveri Credits & Capital Ltd
OPEN 8.35
PREVIOUS CLOSE 8.49
VOLUME 1438
52-Week high 9.60
52-Week low 3.04
P/E 16.63
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 8.35
CLOSE 8.49
VOLUME 1438
52-Week high 9.60
52-Week low 3.04
P/E 16.63
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jhaveri Credits & Capital Ltd. (JHAVERICREDITS) - Auditors Report

Company auditors report

To the Members of JHAVERI CREDITS AND CAPITAL LIMITED

Report on the Financial Statements:-

We have audited the accompanying IND AS financial statements of JHAVERI CREDITS ANDCAPITAL LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2021 the Statement of Profit and Loss (including other comprehensive income) theStatement of Changes in Equity the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

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 31stMarch 2021 its Loss and its cash flows for the year ended on that date.

Basis for opinion:-

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics.

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

Information other than the Financial Statements and Auditor's Report Thereon:-

The Company's Board of Directors and Management is responsible for the preparation ofthe other information. The other information comprises the information obtained at thedate of this auditor's report but does not include the financial statements and ourauditor's report thereon. Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon. In connectionwith our audit of the financial statements our responsibility is to read the otherinformation and in doing so consider whether the other information is materiallyinconsistent with the financial statements or our knowledge obtained during the course ofour audit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information; weare required to report that fact. We have nothing to report in this regard.

Responsibility of Management's for the Financial Statements:-

The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act') with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with rule 7 of Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateimplementation and maintenance of accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility: -

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control. Obtain anunderstanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 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 appropriateness of accounting policies usedand the reasonableness of accounting estimates 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern. Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we 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.

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 including the Ind AS of the state of affairs ofthe Company as at 31st March 2021 and its loss (including other comprehensive income)its changes in equity and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements:-

1. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure- A" a statement on the mattersspecified 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 purpose of our audit. b) In ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books.

c) The Balance Sheet Statement of Profit and Loss ( including other comprehensiveincome) the statement of changes in equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid IND-AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014

e) On the basis of written representations received from the directors taken on recordby the Board of Directors none of the directors are disqualified as on 31st March 2021from being appointed as a director in terms of Section 164(2) of the Act.

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 does not have pending litigations which would impact its financialposition the Company has filled with ‘Vivad se Vishwas Scheme' for AY 2012-13 andthe said application is accepted with amount of taxation to be payable of Rs. 2202967/-and the provision of the same has been considered in the financial statements; ii. TheCompany did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses; iii. There were no amounts which were requiredto be transferred to the Investor Education and Protection Fund by the

Company.

Place: Vadodara FOR M A R K S & CO.
Date: 28/06/2021 [Firm Registration No. 139476W]
UDIN: 21142372AAAAEV6769 Chartered Accountants
Rohan D. Mehta
Partner
Mem. No. 142372

Annexure "A" referred to in paragraph 1 under the heading ‘Report onOther Legal and Regulatory Requirements' of our report of even date to the member ofJHAVERI CREDITS AND CAPITAL LIMITED (‘the Company')

(i) (a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets. (b) The fixed assets havebeen physically verified by the management during the year as per the regular programme ofverification which in our opinion is reasonable having regard to the size of the companyand the nature of its assets. No material discrepancies were noticed on such verification.(c) According to the information and explanation given by the management the company doesnot own any immovable properties for the current Financial year. Accordinlgy theprovision of the clause 3(i) (c) of the order is not applicable and hence not commentedupon. (ii) Since the Company holds inventory of shares in Dematerialized form thequestion of commenting on physical verification of inventory does not arise and nomaterial discrepancies were noticed during the period under review. (iii) Accordingto the information and explanations given to us the Company has not granted any loanssecured or unsecured to companies firms Limited Liability Partnerships or other partiescovered in the register maintained under Section 189 of the Companies Act 2013.Accordingly the provisions of clause 3(iii) (a) to (c) of the Order are not applicable tothe Company and hence not commented upon. (iv) In our opinion and according to theinformation and explanations given to us there are no loans investments guarantees andsecurities granted in respect of which provisions of Section 185 and 186 of the CompaniesAct 2013 are applicable and hence not commented upon. (v) The Company has notaccepted any loans or deposits from the public. (vi) As informed to us the CentralGovernment has not specified maintenance of cost records under sub-section (1) of Section148 of the Companies Act 2013 in respect of activities undertaken by the company duringthe financial year. (vii) (a) According to information and explanations given to usand the records of the Company examined by us in our opinion the Company is generallyregular in depositing with appropriate authorities undisputed statutory dues includingprovident fund employees' state insurance sales-tax income-tax service tax customsduty excise duty value added tax Goods and Services Tax cess and other materialstatutory dues applicable to it. However there have been delays in payment / deposit ofstatutory dues in respect of few cases of tax deduction at source. (b) According to theinformation and explanations given to us no undisputed amounts payable in respect ofprovident fund employees' state insurance income-tax sales-tax service tax customsduty excise duty value added tax Goods and Services Tax cess and other materialstatutory dues were outstanding at the year end for a period of more than six months fromthe date they became payable. (c) According to the records of the Company there are nodues of income tax sales tax service tax duty of customs duty of excise value addedtax outstanding on account of any dispute. The Company has filled with "Vivad seVishwas Scheme" for AY 2012-13 and the said application is accepted with amount oftaxation to be payable of Rs. 2202967/- and the provision of the same has beenconsidered in the Financial Statements. (viii) Based on our audit proceduresperformed for the purpose of reporting the true and fair view of the financial statementsand according to information and explanations given by the management we are of theopinion that the Company has not defaulted in repayment of dues to any bank. Further theCompany does not have any debentures and loan from government and financial institution. (ix)Based on our audit procedures performed for the purpose of reporting the true and fairview of the financial statements and according to the information and explanations givenby the management we report that the Company has not raised any money by way of initialpublic offer or further public offer (including debt instruments). (x) Based uponthe audit procedures performed for the purpose of reporting the true and fair view of thefinancial statements and according to the information and explanations given by themanagement we report that no fraud on or by the officers and employees of the Company hasbeen noticed or reported during the year. (xi) Based on our audit proceduresperformed for the purpose of reporting the true and fair view of the financial statementsand according to the information and explanations given by the management we report thatthe managerial remuneration has been paid / provided as per the provisions of Section 197read with Schedule V to the Companies Act 2013. (xii) In our opinion and accordingto the information and explanations given by the management the Company is not a Nidhicompany. Therefore the provisions of clause 3(xii) of the Order are not applicable to theCompany and hence not commented upon. (xiii) Based on our audit proceduresperformed for the purpose of reporting the true and fair view of the financial statementsand according to the information and explanations given by the management we report thattransactions with related parties are in compliance with the provisions of Section 177& 188 of the Companies Act 2013 wherever applicable and all the transactions withrelated parties have been disclosed in the Financial Statements as required by applicableaccounting standards.

(xiv)According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) are not applicable tothe company and not commented upon. (xv) Based on our audit procedures performedfor the purpose of reporting the true and fair view of the financial statements andaccording to the information and explanations given by the management the Company has notentered into any non-cash transactions with directors or persons connected with him. (xvi)Accordingto the information and explanations given to us the Company is not required to beregistered under section 45-IA of the Reserve Bank of India Act 1934.

Place: Vadodara FOR M A R K S & CO.
Date: 28/06/2021 [Firm Registration No. 139476W]
UDIN: 21442372AAAAEV6769 Chartered Accountants
Rohan D. Mehta
Partner
Mem. No. 142372

ANNEXURE ‘B' TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIALSTATEMENTS OF JHAVERI CREDITS AND CAPITAL LIMITED

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 JHAVERICREDITS AND CAPITAL LIMITED ("the Company") as of March 31 2021 in conjunctionwith our audit 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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.

Auditor's 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 as specifiedunder Section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 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 internal financial control system overfinancial 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

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 312021 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 of India.

Place: Vadodara FOR M A R K S & CO.
Date: 28/06/2021 [Firm Registration No. 139476W]
UDIN: 21142372AAAAEV6769 Chartered Accountants
Rohan D. Mehta
Partner
Mem. No. 142372

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