You are here » Home » Companies » Company Overview » Jullundur Motor Agency (Delhi) Ltd

Jullundur Motor Agency (Delhi) Ltd.

BSE: 532420 Sector: Auto
NSE: JMA ISIN Code: INE412C01015
BSE 05:30 | 01 Jan Jullundur Motor Agency (Delhi) Ltd
NSE 14:32 | 15 Oct 173.95 11.30
(6.95%)
OPEN

179.00

HIGH

179.95

LOW

158.15

OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Jullundur Motor Agency (Delhi) Ltd. (JMA) - Auditors Report

Company auditors report

To The Members of

Jullundur Motor Agency (Delhi) Ltd.

Report on the Audit of the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statementsof Jullundur Motor Agency (Delhi) Ltd. ("the Company") which comprise theBalance Sheet as at 31 March 2018 the Statement of Profit and Loss the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and summary ofthe significant accounting policies and other explanatory information (hereinafterreferred to as "the standalone Ind AS financial statements").

Management's Responsibility for the Standalone Ind AS FinancialStatements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone Ind AS financial statements that give a true and fair viewof the state of affairs profit/loss (including other comprehensive income) changes inequity and cash flows 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.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and 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 adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

In preparing the 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind ASfinancial statements based on our audit.

We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

We conducted our audit of the standalone Ind AS financial statements inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone Ind AS financialstatements are free from material misstatement. An audit involves performing procedures toobtain audit evidence about the amounts and the disclosures in the standalone Ind ASfinancial statements. The procedures selected depend on the auditor's judgment includingthe assessment of the risks of material misstatement of the standalone Ind AS financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thestandalone Ind AS financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Board of Directors as well as evaluatingthe overall presentation of the standalone Ind AS financial statements.

We are also responsible to conclude on the appropriateness ofmanagement's use of the going concern basis of accounting and based on the audit evidenceobtained whether a material uncertainty exists related to events or conditions that maycast significant doubt on the entity's ability to continue as a going concern. If weconclude that a material uncertainty exists we are required to draw attention in theauditor's report to the related disclosures in the financial statements or if suchdisclosures are inadequate to modify the opinion. Our conclusions are based on the auditevidence obtained up to the date of the auditor's report. However future events orconditions may cause an entity to cease to continue as a going concern.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone Ind AS financialstatements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at 31 March 2018 its profit (including other comprehensiveincome) its changes in equity and its cash flows for the year ended on that date.

Other Matter

Corresponding figures for the year ended 31 March 2017 have beenaudited by another auditor who expressed an unmodified opinion dated 30 May 2017 on thestandalone Ind AS financial statements of the Company for the year ended 31 March 2017.Our opinion on the standalone Ind AS financial statements is not modified in respect ofthe above matter.

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 in terms of Section 143(11) ofthe Act we give in "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 havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit. b. In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books. c. The Balance Sheet the Statement of Profitand Loss the Statement of Changes in Equity and the Statement of Cash Flows dealt with bythis Report are in agreement with the books of account. d. In our opinion the aforesaidstandalone Ind AS financial statements comply with the Indian Accounting Standardsprescribed under Section 133 of the Act. e. On the basis of the written representationsreceived from the directors as on 31 March 2018 taken on record by the Board of Directorsnone of the directors is disqualified as on 31 March 2018 from being appointed as adirector in terms of Section 164(2) of the Act. f. With respect to the adequacy of theinternal financial controls with reference to financial statements of the Company and theoperating effectiveness of such controls refer to our separate Report in "AnnexureB". 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. TheCompany has disclosed the impact of pending litigations on its financial position in itsstandalone Ind AS financial statements - Refer Note 27 to the standalone Ind AS financialstatements; ii. The Company has made provision as required under the applicable law oraccounting standards for material foreseeable losses- Refer Note 27 to the standaloneInd AS financial statements; iii. There has been no delay in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Company;and

For Aiyar & Co

Chartered Accountants

Firm's Registration No: 001174N

Sd/-

(Ashok Kumar Batra)

Partner

Membership No: 080169

Place of Signature: Gurugram Date: 30th May 2018

Annexure A to the Independent Auditor's Report

With reference to the Annexure A referred to in the IndependentAuditor's Report to the members of the Company on the standalone Ind AS financialstatements for the year ended 31 March 2018 we report the following: i. a. The Companyhas maintained proper records showing full particulars including quantitative details andsituation of fixed assets. b. The Company has a regular programme of physical verificationof its fixed assets by which all fixed assets are verified in a phased manner. In ouropinion this periodicity of physical verification is reasonable having regard to the sizeof the Company and the nature of its assets. c. According to the information andexplanations given to us and on the basis of our examination of the records of theCompany the title deeds of immovable properties included in fixed assets are held in thename of the Company except 2 flats purchased from DLF Home Developer Ltd for whichRegistration under Haryana Stamp Act is to be executed. However possession had alreadybeen taken by the company.

In respect of immovable properties been taken on lease and disclosed asproperty plant and equipment in the standalone Ind AS financial statements the leaseagreements are in the name of the Company. ii. The inventory has been physically verifiedby the management during the year. In our opinion the frequency of such verification isreasonable. In our Opinion and according to the information and explanation given to usthe Company has maintained proper records of inventory given the size of the company andnature of its business. The discrepancies noticed on verification between the physicalstock and the book records were not material. iii. According to the information andexplanations given to us the Company has not granted any loans secured or unsecured tocompanies firms limited liability partnerships or other parties covered in the registermaintained under section 189 of the Act. Accordingly the provisions of clause 3(iii) (a)(b) and (c) of the Order are not applicable to the Company. iv. In our opinion andaccording to the information and explanations given to us the Company has complied withthe provisions of Section 186 of the Act with respect to the loans given investmentsmade guarantees and securities given.

There is no transaction under Section 185 of the Companies Act 2013.v. The Company has not accepted any deposits from the public within the meaning of thedirectives issued by the Reserve Bank of India provisions of Section 73 to 76 of the Actany other relevant provisions of the Act and the relevant rules framed there under. vi.The Central Government has not prescribed the maintenance of cost records under Section148 of the Act for any of the services rendered by the Company. vii. According to theinformation and explanations given to us and on the basis of our examination of therecords of the Company amounts deducted/ accrued in the books of account in respect ofundisputed statutory dues including Provident fund Employees' State InsuranceIncome-tax Sales tax Service tax Goods and Services tax duty of Customs duty ofExcise Value added tax Cess and other material statutory dues have generally beenregularly deposited during the year by the Company with the appropriate authorities. a)According to the information and explanations given to us no undisputed amounts payablein respect of Provident fund Employees' State Insurance Income-tax Sales tax Servicetax Goods and Services tax duty of Customs duty of Excise Value added tax Cess andother material statutory dues were in arrears as at 31 March 2018 for a period of morethan six months from the date they became payable. b) According to the information andexplanations given to us there are no dues of Income-tax or Sales tax or Service tax orGoods and Services tax or duty of Customs or duty of Excise or Value added tax which havenot been deposited by the Company on account of disputes except for the following:

Name of Statue

Nature of Dues

Amount

Period (F/Y)

Forum where dispute is pending

Income Tax Act

Income Tax

11762085

2004-2005

Tribunal/ CIT (Appeals) New Delhi

2005-2006

2007-2008

2011-2012

2012-2013

2013-2014

Sales Tax Kerala

Sales Tax

7511817

2001-2002

DCST Ernakulam

2002-2003

2003-2004

2004-2005

2005-2006

Total

19273902

viii. In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in the repayment of loans or borrowings tobanks. The Company did not have any outstanding loans or borrowings from financialinstitutions or government and there are no dues to debenture holders during the year. ix.In our opinion and according to the information and explanations given to us the Companydid not raise any money by way of initial public offer or further public offer (includingdebt instruments) and term loans during the year. Accordingly paragraph 3(ix) of theOrder is not applicable to the Company. x. To the best of our knowledge and according tothe information and explanations given to us no material fraud by the Company or on theCompany by its officers or employees has been noticed or reported during the course of ouraudit. xi. In our opinion and according to the information and explanations given to usand based on examination of the records of the Company the Company has paid/providedmanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 and section 198 read with Schedule V to the Act. xii. Accordingto the information and explanations given to us in our opinion the Company is not aNidhi Company as prescribed under Section 406 of the Act. xiii. According to theinformation and explanations given to us and based on our examination of the records ofthe Company all transactions with the related parties are in compliance with Sections 177and 188 of the Act where applicable and details of such transactions have been disclosedin the standalone Ind AS financial statements as required by the applicable accountingstandards. xiv. According to the information and explanations given 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. Accordingly paragraph 3(xiv) of the Order is not applicable to the Company. xv.According to the information and explanations given to us and based on our examination ofthe records of the Company the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable to the Company. xvi. According to the information and explanation given to usthe Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

For Aiyar & Co

Chartered Accountants

Firm's Registration No: 001174N

Sd/-

(Ashok Kumar Batra)

Place of Signature: Gurugram

Partner

Date: 30th May 2018

Membership No:080169

Annexure B to the Independent Auditor's Report

(Referred to in paragraph 2(f) under 'Report on Other Legal andRegulatory Requirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of Jullundur Motor Agency (Delhi) Ltd. ("the Company") as of 31 March2018 in conjunction with our audit of the standalone Ind AS financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India("ICAI").

These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence to theCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting (the "Guidance Note") andthe Standards on Auditing issued by ICAI and deemed to be prescribed under Section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by ICAI. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand 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 aboutthe adequacy of the internal financial control system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the standalone Ind AS financial statements whether dueto fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2018 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by the ICAI.

For Aiyar & Co

Chartered Accountants Firm's Registration No: 001174N

Sd/-

(Ashok Kumar Batra)

Partner Membership No: 080169

Place of Signature: Gurugram

Date: 30th May 2018