You are here » Home » Companies » Company Overview » Joy Realty Ltd

Joy Realty Ltd.

BSE: 508929 Sector: Infrastructure
NSE: N.A. ISIN Code: INE433O01024
BSE 00:00 | 21 Jan 11.28 0.53
(4.93%)
OPEN

11.28

HIGH

11.28

LOW

11.28

NSE 05:30 | 01 Jan Joy Realty Ltd
OPEN 11.28
PREVIOUS CLOSE 10.75
VOLUME 341
52-Week high 11.28
52-Week low 8.55
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 11.28
CLOSE 10.75
VOLUME 341
52-Week high 11.28
52-Week low 8.55
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Joy Realty Ltd. (JOYREALTY) - Auditors Report

Company auditors report

To

The Members Of JOY REALTY LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying Financial statements of JOY REALTY LIMITED("the Company") which comprise the Balance Sheet as at 31 March 2021 theStatement of Profit and Loss (including other comprehensive income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas "the financial statements").

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 theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed u/s 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended ("IndAS") and other accounting principles generally accepted in India of the State ofAffairs of the Company as at 31st March 2021 the Profit and TotalComprehensive Income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the company in Accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (ICAI) together with theethical requirements that are relevant to our audit of the Financial Statements under theprovision of the Act and the rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI`s Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the financial statements.

Managements Responsibility for the 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 financial statements that givea true and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe Ind AS and accounting principles generally accepted in India. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statement that give a true and fair view andare free from material misstatement 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.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility for the Audit of the financial statements

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. As part of an audit in accordance with SA's weexercise professional judgment and maintain 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 an understanding of internal control relevant to the audit in order to designaudit procedures 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 used and the reasonableness ofaccounting 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 doesnot exists. 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 tocontinue as a going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions 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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

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 4 of theOrder.

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 purposes of our audit; b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books;

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and the Statement of changes in Equity dealt with by thisReport are in agreement with the books of account;

d) In our opinion the aforesaid Financial Statements comply with the Ind AS specifiedunder Section 133 of the Act read with the relevant rule 7 of the Companies (Accounts)Rules 2014;

e) On the basis of written representations received from the directors as on 31 March2021 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2021 from being appointed as a director in terms of Section 164(2) of theAct;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer toseparate report of another Accountant. The said report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company`s internal financial controls overfinancial 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) Rule 2014 as amended inour opinion and to the best of our information and according to the explanation given tous:

i. The Company does not have any pending litigations which shall impact its financialpositions.

ii. The Company does not have any long terms contracts for which provisions arerequired to be made.

iii. The Company is not liable to transfer any amount to the Investor Education andProtection Fund.

For CHHAJED & DOSHI
CHARTERED ACCOUNTANTS
(ICAI Firm Reg. No.: 101794W)
Sd/-
H. N. Motiwalla
PARTNER
(Membership No. 11423)
Place: Mumbai
DATED: June 22 2021
UDIN: 21011423AAAAAJ2960

Annexure A to the Auditors' Report

The Annexure referred to in paragraph 1 under "Report on Other legal andRegulatory Requirements" section of our Report to the members of the Company on theFinancial Statements for the year ended 31st March 2021.

(i) In respect of its Fixed Assets

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

(b) As explained to us and according to the practice generally followed by the Companyall the fixed assets have been verified in a periodical manner by the management duringthe year and no material discrepancies were noticed on such physical verification. In ouropinion this periodicity of physical verification is reasonable having regard to the sizeof the Company and nature of its assets. No material discrepancies were noticed onphysical verification

(ii) In respect of inventories

In our opinion and according to the information and explanation given to us we areinformed that inventories have been physically verified by the management at reasonableintervals and No material discrepancies have been notified between the physical stock andbook records.

(iii) In respect of loans granted secured or unsecured by the Company to firms orother parties covered in the register maintained u/s 189 of the Act; The Company has notgranted any secured / unsecured loan to any of the parties covered in the registermaintained under section 189 of the Act. Accordingly sub clauses (a) (b) and (c) are notapplicable.

(iv) In our Opinion and according to the information and explanation given to us TheCompany has complied with the provisions of section 185 and 186 of the Act in respect ofgranting of loans making investments providing guarantees and securities as applicable.

(v) The Company has not accepted any deposits within the meaning of Section 73 to 76 ofthe Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended). Accordinglythe provisions of clause 3 (v) of the Order are not applicable.

(vi) We have broadly reviewed the books of accounts maintained by the Company pursuantto the rules made by the Central Government of India for the maintenance of cost recordsunder section 148 (1) Companies Act 2013 and are of the opinion that prima facie theprescribed accounts and records have been made and maintained being real estateconstruction business. However we have not made a detailed examination of the recordswith a view to determine whether they are accurate or complete.

(vii)According to information and explanation given to us In respect to statutory dues

(a) The Company has generally been regular in depositing undisputed statutory duesunder Income tax Goods & Service Tax and other Statutory Dues as applicable to itwith the appropriate authorities. According to the information and explanations given tous no undisputed amounts payable in respect of the above were outstanding as at 31stMarch 2021 for a period of more than six months from the date on when they becamepayable.

(b) According to the information and explanations given to us there are no dues inrespect of Goods & Service Tax and other Statutory Dues as applicable to itoutstanding on account of any dispute.

(viii) The Company has not defaulted in repayment of dues to any bank or financialinstitution during the year under review.

(ix) The Company has not raised any moneys by way of Initial Public Offer or furtherpublic offer or obtained term loans during the year. Hence reporting under clause 3 (ix)of the Order is not applicable to the Company.

(x) To the best of our knowledge and according to the information and explanation givento us no fraud by the Company or no material fraud on the Company by its officers oremployees has been noticed or reported during this year.

(xi) In our opinion and according to the information and explanation given to us andbased on our examination of the records of the Company the Company has paid managerialremuneration to any key management personnel during the year under review as per Actreadwith Schedule V of the Act.

(xii) The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order is not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to usthe transactions with related parties are in compliance with section 177 and section 188of the Act as applicable and the details have been disclosed in the Financial Statementsas required by the applicable accounting standard.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3 (xiv) of the Order is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected with them and hence reporting under clause 3 (xv) of theOrder is not applicable to the Company.

(xvi) According to the information and explanations given to us the Company is notrequired to get registered under section 45-IA of the Reserve Bank of India Act 1934.

For CHHAJED & DOSHI
CHARTERED ACCOUNTANTS
(ICAI Firm Reg. No.: 101794W)
Sd/-
H. N. Motiwalla
PARTNER
(Membership No. 11423)
Place: Mumbai
Dated: June 22 2021

.