| We have audited the accompanying financial statements of Jaisukh
Dealers Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2015, the Statement of Profit and Loss and the 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
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 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 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 of 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 the design, implementation and
maintenance of adequate internal financial control 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 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, issued by the
Institute of Chartered Accountants of India, as 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 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, but not for the
purpose of expressing an opinion on the effectiveness of the Company's
internal control. 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 Standalone Balance Sheet, of the state of affairs of
the Company as at 31st March, 2015.
b. In the case of Standalone Statement of Profit and Loss, of the
Profit/loss for the year ended on that date.
c. In the case of the Standalone Cash Flow Statement, of the cash
flows of the Company 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
sub-section (11) of section 143 of the Act, we give in the Annexure 1 a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a. We have sought & 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 appears from our examination of
those books;
c. The Balance Sheet and Statement of Profit and Loss dealt with by
this report are in agreement with the books of Account;
d. In our opinion, the Balance Sheet ,Statement of Profit and Loss and
the Cash Flow Statements dealt with by this report 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 written representations received from the
directors, as on 31st March, 2015, and taken on record by the Board of
Directors, we report that none of the directors are disqualified as on
31st March 2015 from being appointed as a director in terms of Section
164(2) of the Companies Act, 2013.
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 knowledge and
according to the explanations given to us, none of the clauses are
applicable to the Company.
The Annexure 1 referred to in paragraph 1 of our report of even date to
the members of M/s. Jaisukh Dealers Limited on the accounts for the
year ended 31st March, 2015.
1. In respect of the Company's Fixed Assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of the fixed
assets at reasonable intervals. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
2. In respect of the Company's Inventories:
(a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. The Company has not granted unsecured loan to Companies, firms or
other parties listed in the register maintained under section 189 of
the Companies Act, 2013. Hence clause (b) & (c) are not applicable.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to
purchase of fixed assets, and with regard to the sale of goods &
services. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public and
therefore, the provisions of section 73 and 74 of the Companies Act,
2013 and rules there under are not applicable to the company.
6. According to the information and explanation given to us
maintenance of cost records has not been prescribed by the Central
Government under section 148(1 )of the Companies Act, 2013.
7. According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company is regular in depositing with appropriate undisputed
statutory dues including provident fund, investor education &
protection fund, employees' state insurance, income tax, sales tax,
wealth tax, custom duty, excise duty, cess and other material statutory
dues applicable to it.
(b) According to the information and explanations given to us, no
disputed amounts payable in respect of provident fund, investor
education and protection fund, employees' state insurance, income tax,
sales tax, wealth tax, custom duty, excise duty, cess were in arrears
as at 31.03.2015 for a period of more than six months from the date
they became payable.
(c) No amount is required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act.
8. The company does not have accumulated losses. The company has not
incurred the cash losses during the financial year covered by our audit
and in the immediately preceding financial year.
9. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to the
banks, financial institutions and debenture holders.
10. As informed to us the company has not given any guarantee for
loans taken by others from banks and financial institutions.
11. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has availed Term
Loan in the form of Auto loan from BMW Financial Services Pvt. Ltd.
12. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud by the Company and
no material fraud on or by the Company has been noticed or reported
during the year.
None of the other matters are either applicable or call for a statement
for the year underaudit.
For Bajoria Mayank & Associates
Firm Registration No. 327336E
Chartered Accountants
Place : KOLKATA CA. Anish Kumar Banka
Date : 30th May, 2015 Partner
M. No. 412888 |