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Jullundur Motor Agency (Delhi) Ltd.

BSE: 532420 Sector: Auto
NSE: JMA ISIN Code: INE412C01015
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Jullundur Motor Agency (Delhi) Ltd. (JMA) - Auditors Report

Company auditors report

To

The Members of Jullundur Motor Agency (Delhi) Limited

Report on standalone financial statements :

1. We have audited the attached financial statements of Jullundur Motor Agency (Delhi)Limited (hereinafter referred to as "the company") which comprise the BalanceSheet as at 31st March2017 and the Statement of Profit and Loss and the Cash Flowstatement for the year then ended and a summary of significant accounting policies andother explanatory information.

Management's Responsibility

2. The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act2013 ("the Act") with respect to preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. 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 thereunder.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the company's Directors as well as evaluating the overall presentationof the financial statements.

7. 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

8. 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 and give a true and fair view of the state of affairs of the Companyas at 31st March 2017 and its profit and its cash flows for the year then ended.

Report on Other Legal and Regulatory Matters

9. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the Annexure A a statement on the matters specified in the paragraph 3 and 4 ofthe order.

10. As required by section 143(3) of the Companies Act 2013 we further report that:

(i) We have sought and obtained all the information and explanation which to the bestof our knowledge and belief were necessary for the purpose of our audit;

(ii) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books

(iii) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by us in the Report are in agreement with the books of account.

(iv) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(v) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March2017 from being appointed as a director in terms of Section164 (2) of the Act.

(vi) 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"; and

(vi) 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:

(a) As explained to us the company has disclosed the impact of pending litigations ason 31/03/2017 on its financial position in its financial statements.-Refer note 25 to thefinancial statements.

(b) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses as certified by the management.

(c) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

(d) The company had provided requisite disclosures in its financial statements as toholdings as well as

dealings in Specified Bank Notes during the period from 8 November 2016 to 30 December2016 and Based on audit procedures and relying on the management representation we reportthat the disclosures are in accordance with books of account maintained by the Company andas produced to us by the Management Refer Note (32);

For V. P. VIJH & CO.

Chartered Accountants

(Firm's Registration No.01248N)

Sd/-

(Vikram Vijh)

(Partner)

Membership No. 0089600

Place : Gurugram (Gurgaon)

Date : 30th May 2017

Annexure 'A' to the Independent Auditors' Report of Jullundur Motor Agency (Delhi)Limited

(Referred to in paragraph 1 under the heading "Report on other legal andregulatory requirements " of our report of even date)

1. a) The company has maintained proper records to show full particulars includingquantitative details and situation of Fixed Assets.

b) As explained to us the Fixed Assets have been physically verified by the managementduring the year in a phased periodical manner which in our opinion is reasonable havingregard to the size of the company and nature of its assets. No material discrepancies werenoticed on such physical verification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of

the Company the title deeds of immovable properties are held in the name of thecompany except the following:

Serial No. Particulars Gross Block as on 31.03.2017 Net Block as on 31.03.2017 Remarks
1 Two Flats purchased from DLF Home Developers Limited 14788736.00 14395963.00 The matter is being pursued with DLF Home Developer Limited

2. a) As explained to us inventories have been physically verified by the managementat regular intervals during the year. In our opinion the frequency of verification isreasonable.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c) The company has maintained proper records of inventories. As explained to us therewere no material discrepancies noticed on physical verification of inventory as comparedto the book records.

3. The company has not granted any secured or unsecured loans to any company firm orother parties listed in the register maintained under Section 189 of the Companies Act2013.

4. As explained to us and according to the information and explanations given to usthe company has not made any transactions during the year which are covered under section185 and 186 of the Act with respect to the loans and investments made.

5. According to the information and explanations given to us the company has notaccepted any deposits from the public.

6. The Company being the trading company provisions of clause 3(vi) of the Companies(Auditor's Report) Order 2016 regarding maintenance of cost records is not applicable.

7. In respect of statutory dues: a) According to the records of the company undisputedstatutory dues including Provident Fund Investor Education and Protection Fund EmployeesState Insurance Income Tax Sales Tax Wealth Tax Service Tax Customs Duty Cess andother statutory dues have been generally regularly deposited with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts

payable in respect of the aforesaid dues were outstanding as at 31 March 2017 for aperiod of more than six months from the date of becoming payable.

b) According to the information and explanation given to us and the records of thecompany examined by us the dues outstanding of Sales Tax Income Tax or other statutorydues as on 31 March 2017 which have not been deposited on account of any dispute are asfollows:

Nature of Statue

Nature of dues

Amount

Period

Forum where dispute is pending
Income Tax Act Income Tax 11762085.00 2005-06 Tribunal/CIT(Appeals)
2006-07 New Delhi
2008-09
2009-10
2012-13
2013-14
2014-15

 

Sales Tax Sales Tax 774085.00 1995-1996 Commissioner Appeal
Dhanbad 1999-2000
2000-2001
2000-2001
Sales Tax Orrisa Sales Tax 86218.00 1997-98 Commissioner Appeal
2001-02
Sales Tax Kerala Sales Tax 7511817.00 DCST Ernakulam
2001-02
2002-03
2003-04
2004-05
2005-06
Sales Tax Bihar Sales Tax 35257.00 1992-93 Sales Tax Appellate
Tribunal Patlipura Circle

8. The Company does not have any loans or borrowings from any financial institutionbanks Government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable.

9. The Company did not raise any money by way of initial public offer or further publicoffer (Including debt instruments) and term loans during the year. Accordingly paragraph3 (ix) of the order is not applicable.

10. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

11. According to the information and explanations give to us the Company haspaid/provided for managerial remuneration in accordance with the provisions of section197read with Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For V. P. Vijh & Company

Chartered Accountants (FRN No.001248N)

Sd/-

(Vikram Vijh)

(Partner) Membership No. 0089600

Place : Gurugram (Gurgaon) Date : 30th May 2017

Annexure - B to the Auditors' Report of Jullundur Motor Agency (Delhi) 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 JullundurMotor Agency (Delhi) Limited ("the Company") as of 31 March 2017 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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 ('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 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 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 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 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 31 March 2017 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.

For V. P. Vijh & Company

Chartered Accountants

(FRN No.001248N)

Sd/-

(Vikram Vijh)

(Partner)

Membership No. 0089600

Place : Gurugram (Gurgaon)

Date: 30th May 2017