| We have audited the accompanying standalone financial statements of
JAIN MARMO INDUSTRIES LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2015, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance 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 the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement oflthe financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and glut
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the here counting estimates made by the Company's
Directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31 March 2015 and its profit and its cash flows for the year ended
on that date.
Report on Other Legal & Regulatory Requirement
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
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 best of 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 the Company so far as it appears from our examination of those
books;
c. The balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account;
d. In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. On the basis of the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 37 to the
financial statements;
ii. The Company did not have any long term contract including
derivatives contracts for which there were any material foreseeable
losses; and
iii. There were no amounts which were required to be transferred, to
the Investor Education and Protection Fund by the Company.
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the standalone financial statements for the
year ended 31 March 2015, we report that:
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year and there is a regular program of verification
which, in our opinion, is reasonable having regard to the size of the
company and the nature of its assets, No material discrepancies were
noticed on such verification.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and nature of its business.
(c) In our opinion and according to the information and explanation
given to us and on the basis of our examination of the records of
inventory, the company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and have been properly dealt with in
the books of accounts.
(iii) (a) The Company has not granted any loans, secured or unsecured,
to, Companies, Firms or other parties covered in the Register
maintained under Section 189 of the Companies. Act ,2013 . Hence the
sub clause (b) and (c) of Clause iii of the Order is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory and fixed assets and with regard to the sale
of goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls,
(v) The Company has not accepted any deposits from the Public
(vi) According to the information & explanation given to us the company
has maintained cost accounts & records as prescribed by the Central
Government under Section 148(1) of the Companies' Act, 2013. However
we have not made a detailed examination of such accounts & records
with a view to determine whether they are adequate or complete.
(vii) (a) According to the information and explanations given to us and
on the basis of our Examinations of the records of the Company,
amounts deducted/ accrued in the books of account in respect of
undisputed statutory dues including provident fund, employees' state
insurance, income tax, sales tax, wealth tax, service tax, duty of
customs, value added tax, cess and other material statutory dues to the
extent applicable have been regularly deposited during the year by the
Company with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable
(b) According to the information and explanation given to us, there are
no pending dues of Income Tax, Sales Tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty, Cess which are not deposited on account of
dispute except.
Particulars Year Amount of Amount Amount of Forum where
demand deposited demand to the appeal is
against
demand extent not pending
deposited
(Rs.)
(c) According to the information and explanations given to us, there
were no amounts which were required to be transferred to the investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules there
under.
(viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year
(ix) The Company have not defaulted in repayment of dues to a financial
institutions, banks or debenture holders during the year In our opinion
and according to the information and the explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(x)
(xi) To the best of knowledge and belief and according to the
information & explanation given to us, term loan availed by the Company
were prime facie applied by the company during the year for the purpose
for which the loan were obtained.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or
reported during the course of our audit.
For A. Bafna & Co.
Chartered Accountants
FRN: 003660C
(Vivek Gupta)
Partner
M.No.400543
Place: Udaipur
Date :30.05.2015
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