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JTL Infra Ltd.

BSE: 534600 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE391J01016
BSE 11:26 | 17 Sep 852.10 22.00
(2.65%)
OPEN

854.00

HIGH

860.00

LOW

841.00

NSE 05:30 | 01 Jan JTL Infra Ltd
OPEN 854.00
PREVIOUS CLOSE 830.10
VOLUME 14360
52-Week high 890.00
52-Week low 111.00
P/E 33.65
Mkt Cap.(Rs cr) 904
Buy Price 855.00
Buy Qty 150.00
Sell Price 856.95
Sell Qty 6.00
OPEN 854.00
CLOSE 830.10
VOLUME 14360
52-Week high 890.00
52-Week low 111.00
P/E 33.65
Mkt Cap.(Rs cr) 904
Buy Price 855.00
Buy Qty 150.00
Sell Price 856.95
Sell Qty 6.00

JTL Infra Ltd. (JTLINFRA) - Auditors Report

Company auditors report

To The Members of J T L INFRA LIMITED

Report on the Audit of Standalone Financial Statements Opinion

We have audited the accompanying standalone financial Statements of J T L Infra Limited('the Company') which comprise the Balance Sheet as at 31st March 2020 the Statement ofProfit and Loss (including other comprehensive income) the Cash Flow Statement and theStatement of Changes in Equity for the year ended on that date and a summary of thesignificant accounting policies and other explanatory information (hereinafter referred toas the standalone financial statements).

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 as amended ("the Act") in the manner so required andgive a true and fair view in conformity with the Companies( Indian Accounting Standards)Rules 2015 as amended ("IND AS") and other accounting principles generallyaccepted in India of the state of affairs of the Company as at 31st March 2020 itsprofit including other comprehensive income its cash flows and the changes in equity forthe year ended on that data.

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 (ICAI) together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Companies Act 2013 and theRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the ICAI's Code of Ethics. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our opinion on thestandalone financial statements.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe standalone financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and wewill not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether such other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit 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.

Management's Responsibility for the Standalone Ind-AS 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 standalone 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 Standards) Rules2015 as amended.

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 irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone

Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

Auditor's Responsibility for the Audit of the Ind AS Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

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

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing

our opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 standalone financial statements or if such disclosures are inadequate to modify ouropinion. 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 standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

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

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reasonably be thought to bear on our independence and where applicable relatedsafeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when 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 Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in term of sub-section (11) of Section 143(3) ofthe Act we give in the "Annexure A" a statement on the matters specified inparagraphs 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 theCompany so far as it appears from our examination of those books.

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

(d) In our opinion the aforesaid Ind AS standalone financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2015 as amended;

(e) On the basis of the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 from being appointed as a director in terms of Section164 (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". Our 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 the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 read with Schedule V of the Act;

(h) 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 explanations given to us:

i. There Company does not have any pending litigations as at 31st March 2020 whichwould impact its financial position.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended 31st March 2020.

For SURESH K AGGARWAL & CO.

Chartered Accountants ICAI Firm Registration Number: 021129N

Suresh Kumar Aggarwal
Proprietor
Membership Number: 090064
Place: Chandigarh UDIN: 20090064AAAABC9551
Date: June 30 2020

"Annexure A" to Independent Auditor's Report

Report on the Audit of Standalone Financial Statements

(Referred to in paragraph 1 under the heading "Report on

Other Legal and Regulatory Requirements" of our report of

even date)

i. (a) The Company is maintaining proper records showing

full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets of the Company have been physically verified by the Managementduring the year and no material discrepancies have been noticed on such verification. Inour opinion the frequency of verification is reasonable.

(c) According to the information and explanations given by the management the titledeeds of immovable properties are held in the name of the company.

ii. The inventory has been physically verified by the Management during the year. Inour opinion the frequency of verification is reasonable. No material discrepancies werenoticed on physical verification. Inventories lying with third parties have been confirmedby them and no material discrepancies were noticed in respect of such confirmations

iii. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013 ('the act'). Accordingly theprovisions of Clause 3(iii) (a) (b)and(c) of the Order are not applicable to the Company and hence not commented upon.

iv. In our opinion and according to the information and explanations given to usprovisions of section 185 and 186 of the act in respect of loans to directors includingentities in which they are interested and in respect of loans and advance giveninvestments made and guarantees and securities given have been complied with by theCompany.

v. The Company has not accepted any deposits within the meaning of Sections 73 to 76 ofthe Act and the Companies

(Acceptance of Deposit) Rules 2014 (as amended). Accordingly the provisions of clause3(v) of the order are not applicable.

vi. We have broadly reviewed the books of account and records maintained by the companypursuant to the Rules made by the Central Government for the maintenance of cost recordsunder section 148 (1) of the Companies Act 2013 in respect of the company's products andare of the opinion that prima facie the prescribed records have been made andmaintained. We have however not made a detailed examination of records with a view todetermine whether they are accurate or complete.

vii. (a) According to information and explanations given to us

and on the basis of our examination of the books of account and records the Companyhas been generally regular in depositing undisputed statutory dues including providentfund employees state insurance income-tax sales tax service tax duty of customs dutyof excise value added tax cess and any other statutory dues with the appropriateauthorities. Accordingto the information and explanations given to us no undisputedamounts payable in respect ofthe above were in arrears as at 31st March 2020 for a periodof more than six months from the date on when they become payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income-tax sales-tax wealth- taxservice-tax duty of customs and duty of excise or value added tax or Cess which have notbeen deposited on account of any dispute.

viii. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to a financial institution or bank.

ix. Based upon the audit procedures performed and the information and explanationsgiven by the management The Company has not raised moneys by way of initial public offeror further public offer (including debt instruments) or term loans and hence reportingunder clause 3 (ix) of the Order is not applicable to the Company.

x. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the standalone Ind AS financial statements and according to the informationand explanations given by the management we report that no fraud by the Company or nofraud on the Company by the officers and employees of the Company has been noticed orreported during the year.

xi. According to the information and explanations given by the management themanagerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

xii. 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 and hence not commentedupon.

xiii. According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 of theAct where applicable and the details have been disclosed in the notes to the financialstatements as required by the applicable accounting standards.

xiv. According to the information and explanations given by the management and based onour examination of the records of the Company the Company has made

preferential allotment of 60000 shares to promoter group during the year and has madecompliance of provision of Section 42 of the Companies Act 2013 and amount raised havebeen used for the purpose for which the funds were raised.

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

xvi. In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi)of the Order are not applicable to the Company.

For SURESH K AGGARWAL & CO.

Chartered Accountants ICAI Firm Registration Number: 021129N

Suresh Kumar Aggarwal
Proprietor
Membership Number: 090064
UDIN: 20090064AAAABC9551
Place: Chandigarh
Date: June 30 2020

"Annexure B" to Independent Auditor's Report

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

To the Members of JTL Infra Limited

We have audited the internal financial controls over financial reporting of M/S J T LINFRA LIMITED ("the Company") as of 31st March 2020 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 ('ICAI'). 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 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 ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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.

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 (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 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 controls over financial reporting were operatingeffectively as at 31st March 2020 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

For SURESH K AGGARWAL & CO.

Chartered Accountants ICAI Firm Registration Number: 021129N

Suresh Kumar Aggarwal
Proprietor
Membership Number: 090064
UDIN: 20090064AAAABC9551
Place: Chandigarh
Date: June 30 2020

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