We have audited the accompanying financial statements of ZODIAC JRD
MKJ 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 Financial Statements:-
Management is responsible for the preparation of these 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control 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 financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, 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.
Opinion:-
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) in the case of the Profit and Loss Account, of the profit/ loss for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements:-
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of section
143(11) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by section 143(3)) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books .
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
section 133 of the Companies Act, 2013;
On the basis of written representations received from the directors as
on March 31, 2015, and taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of clause(g) of sub- section(1) of
section 164 of the Companies Act, 2013.
Since the Central Government has not issued any notification as to the
rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section
prescribing the Manner in which such cess is to be paid , no cess is
due and payable by the Company.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 2 of our report of even date on the accounts
for the year ended 31st March, 2015 of ZODIAC - JRD - MKJ LIMITED.)
1. In respect to Fixed Assets :
The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets. All fixed
assets have been physically verified by the management at periodical
intervals during the year which, in our opinion, is reasonable having
regard to the size of the company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
2. In respect to its inventories :
(a) As explained to us, the management has conducted physical
verification of inventory at reasonable intervals.
(b) According to the information and explanations given to us, the
procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) In our opinion & according to the information and explanations
given to us the company has maintained proper records of inventory and
no material discrepancies were noticed on physical verification.
3. According to information and explanations given to us , the company
has not granted / taken any loans , secured or unsecured to/from
companies .firms or other parties covered in register required to be
maintained under section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. During the course of our audit, no major weakness has
been noticed in the internal controls.
5. (a) In our opinion and according to the information
and explanations given to us, there are the transactions made in
pursuance of contract or arrangements , that need to be entered into
the register required to be maintained under section 189 of the
Companies Act, 2013 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contract or
arrangements entered in the register to be maintained under Section 189
of the Companies Act, 2013 aggregating during the year to Rs.
5,00,000/- (Rupees Five Lacs Only) or more in respect of any party.
6. The Internal Audit of the company has been carried out by an
independent firm of Chartered Accountants. In our opinion, the
internal audit functions carried out have been commensurate with the
size and nature of its business.
7. We have been informed that the Central Government has not
prescribed maintenance of cost records under section 148(1) of the
Companies Act, 2013.
8. According to the records of the Company, the Company is regular in
depositing statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax,
Customs Duty, Excise Duty, cess and other statutory dues applicable to
it with the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
Income-tax, wealth tax, sales-tax, customs duty and excise duty were
outstanding at the year end for a period of more than six months from
the date they became payable.
9. The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses during the current and
immediately preceding financial year.
10. The Company does not have any borrowings from financial
institution, bank and by way of debentures.
11. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, the provisions of clause 4 (xii) of the Companies (Auditor's
Report) Order,2003 are not applicable to Company.
12. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi / mutual benefit
funds / societies.
13. In respect of dealing in securities and other investments, in our
opinion and according to the information and explanations given to us,
proper records have been maintained of the transactions and contracts
and timely entries have been made therein. The securities and other
investments have been held by the Company in its own name.
14. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by its subsidiaries
and associates from banks or financial institutions.
15. The Company did not have any term loans outstanding during the
year.
16. We have been informed by the management and on overall examination
of the Balance Sheet of the company, we report that the funds have not
been raised on short-term basis and or long term during the current
financial year .Surplus funds of the company which were not required
for immediate utilization have been gainfully invested in Mutual Fund,
Liquid Fund and investments,
17. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
189 of the Companies Act, 2013.
18. The Company has not issued any debentures during the year.
19. The Company has not raised any money through a public issue during
the year.
20. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For ARUN GANATRA & CO.,
Chartered Accountants
FRNNo.:100558W
Place : Mumbai (A. L. GANATRA)
Dated : 19th August, 2015 Proprietor
Membership No. 031720 |