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Auditor Report of Jai Mata Glass Ltd.
Mar 31, 2025
We have audited the accompanying standalone financial statements of JAI MATA GLASS LIMITED ("the
Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year
then ended, and a summary of the material accounting policies and other explanatory information (hereinafter
referred to as "the standalone financial statements").
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 Companies Act, 2013 ("the Act") in the
manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind
AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March
31, 2025, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on
that date.
Basis of Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described
in the Auditor''s Responsibilities for the Audit of the Standalone financial statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone
financial statements under the provisions of the Companies Act 2013 and the Rules made thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. 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.
Emphasis of Matter:
Refer note no. 32: During the year ended March 31, 2025, the Company opted for settlement of outstanding
income tax disputes under the "Direct Tax Vivad Se Vishwas Scheme, 2024," notified under the Income-tax Act,
1961. The disputes pertained to Assessment Years 2013-14 and 2017-18 involving aggregate demands of Rs.
89.81 lakhs (Rs. 4.58 lakhs and Rs. 85.23 lakhs respectively). Pursuant to the provisions of the Scheme, the
Company paid a total of ^92.75 lakhs towards full and final settlement of the said demands.
In respect of AY 2013-14, the demand pertained to penalty proceedings of Rs. 4.58 lakhs, for which the Company
paid Rs. 1.14 lakhs as per the Scheme (being 25% of the penalty amount). However, the Income Tax Department
adjusted a total of Rs. 5.04 lakhs against the demand through refund adjustments. As a result, a refund of Rs. 3.90
lakhs is determined as receivable by the Company for AY 2013-14.
For AY 2017-18, the Company discharged the demand of Rs. 91.61 lakhs in full and complied with all procedural
requirements under the Scheme. The final settlement order from the Income Tax Department for this year is
currently pending. Consequent to this, tax expense under the scheme amounting to Rs. 92.75 lakhs has been
recorded as Tax Expense under the head "Current tax".
In accordance with the principles laid down under Ind AS 37 Provisions, Contingent Liabilities and Contingent
Assets, the Company has de-recognized the contingent liabilities associated with these disputes, as the probability
of any further outflow of economic resources in this regard is now considered remote.
Our opinion is not modified in respect of this matter. Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the standalone financial statements of the current period. These matters were addressed in the context of our
audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. We have determined the matters described below to be the key
audit matters to be communicated in our report.
|
S.no |
Key Audit Matter |
Auditor''s Response |
|
1. |
Settlement of Income Tax Disputes |
Principal Audit Procedures |
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under Vivad se Vishwas Scheme As disclosed in Note 32 to the financial |
1. Examining correspondence with tax authorities and |
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statements, the Company settled long¬ |
2. Validating tax payments made and confirming receipts 3. Evaluating management''s assessment that no further |
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tax liability, and concluding on the |
4. Reviewing disclosures made under Ind AS 12 and 37 for |
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2. |
Revenue Recognition from |
Our audit procedures included, among others: |
|
Commission Income |
⢠Obtaining an understanding of the Company''s process |
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|
The Company''s revenue comprises |
for revenue recognition and evaluating the design and |
|
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solely of commission income. Revenue |
implementation of relevant controls. |
|
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recognition from commission |
⢠Evaluating sample commission contracts to assess the |
|
|
contracts is a significant audit matter |
Company''s identification of performance obligations |
|
|
due to the following: |
and timing of revenue recognition. |
|
|
⢠The determination of the timing |
⢠Assessing the Company''s application of the revenue |
|
|
and amount of commission |
recognition criteria in accordance with Ind AS 115. |
|
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revenue to be recognized |
⢠Testing commission invoices and receipts to validate |
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|
involves application of |
occurrence and accuracy of revenue. |
|
|
judgment with respect to the |
⢠Performing analytical procedures to assess the |
|
|
satisfaction of performance ⢠There may be varied ⢠The risk of misstatement is Accordingly, revenue recognition from |
reasonableness of commission revenue recognized. ⢠Evaluating disclosures made in the financial statements |
|
commission income has been |
Information Other than the Standalone financial statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, Board''s Report
including Annexures to Board''s Report, Business Responsibility Report and sustainability report, Corporate
Governance and Shareholder''s Information, but does not include the standalone financial statements and our
auditor''s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears
to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
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 of these standalone financial statements that give a true and fair
view of the financial position, financial performance, total comprehensive income, changes in equity and cash
flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India.
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 standalone financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company''s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone financial statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company has adequate internal financial controls system with
reference to standalone financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the
standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures, and whether the standalone financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone
financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning
the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the standalone financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government
of India in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, based on our audit 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 including Other Comprehensive Income, Statement
of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the
relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under
Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March 31, 2025 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being
appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company and the operating effectiveness of such controls, refer to our separate Report
in "Annexure B".
g) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of section 197(16) of the Act, as amended:
In our opinion and according to the explanations given to us, the remuneration paid by the Company to
its directors during the year is in accordance with the provisions of section 197 of the Act. The
remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act.
The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are
required to be commented upon by us.
h) 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, as amended in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position.
i. The Company did not have any contracts including derivative contracts for which there were any
material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company.
v. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the Company to or
in any other person or entity, including foreign entity ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been received by the Company from any
person or entity, including foreign entity ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations
under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.
v. The Company has not declared or paid any dividend during the year.
vi. Based on our examination, which included test checks, the Company has used accounting software
systems for maintaining its books of account for the financial year ended March 31, 2025 which have
the feature of recording audit trail (edit log) facility and the same has operated throughout the year
for all relevant transactions recorded in the software systems. Further, during the course of our audit
we did not come across any instance of the audit trail feature being tampered with and the audit trail
has been preserved by the Company as per the statutory requirements for record retention.
For Khiwani Sood &
Associates
Chartered Accountants
Firm Registration No.
040433N
Sd/-
Date: 22.05.2025 CA Rajesh Kumar Khiwani
Place: New Delhi Partner
UDIN : 25081792BMNVYF7918 Membership no. 081792
Mar 31, 2024
M/s JAI MATA GLASS LIMITEDReport on the Audit of the standalone financial statementOpinion
We have audited the accompanying standalone financial statements of JAI MATA GLASS LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and a summary of the material accounting policies and other explanatory information (hereinafter referred to as "the standalone financial statements").
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 Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone financial statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Companies Act 2013 and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. 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.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.
|
S.no |
Key Audit Matter |
Auditor''s Response |
|
1. |
Assessment of contingent liabilities relating to litigations and claims See note no. 21 to the standalone financial statements |
Principal Audit Procedures 1. We tested the effectiveness of controls around the recording and re-assessment of contingent liabilities. 2. We used our subject matter experts to assess the value of material provisions in light of the nature of the exposures, applicable regulations and related correspondence with the authorities 3. We challenged the assumptions and critical judgements made by management which impacted their estimate of the provisions required, considering judgements previously made by the authorities in the relevant jurisdictions or any relevant opinions given by the Company''s advisors and assessing whether there was an indication of management bias. 4. We discussed the status in respect of significant provisions with the Company''s internal tax and legal team. 5. We performed retrospective review of management judgements relating to accounting estimate included in the financial statement of prior year and compared with the outcome. |
Information Other than the Standalone financial statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis,
Board''s Report including Annexures to Board''s Report, Business Responsibility Report and sustainability report, Corporate Governance and Shareholder''s Information, but does not include the standalone financial statements and our auditor''s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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 of these standalone financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India.
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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone financial statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system with reference to standalone financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, based on our audit 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 including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.
h) 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, as amended 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 as at 31st March 2024 on its financial position in its standalone financial statements refer note no. 21.
ii. The Company did not have any contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
v. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility, however the same has not operated throughout the year for all relevant transactions recorded in the respective software but only from 4th April 2023 to 31st March 2024.
Further, from 4th April 2023 to 31st March 2024 where audit trail (edit log) facility was enabled, we did not come across any instance of the audit trail feature being tampered with during the course of our audit.
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.
For Khiwani and Co Chartered Accountants Firm Registration No.
002589N
Date: 24.05.2024 CA Rajesh Kumar Khiwani
Place: New Delhi Partner
UDIN : 24081792BKCEUG4190 Membership no. 081792
Mar 31, 2014
1. We have audited the accompanying financial statements of Jai Mata
Glass Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, 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.
2. 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") read with the General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of section 133 of the Companies Act, 2013. 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.
3. 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, but not for the
purpose of expressing an opinion on the effectiveness of the entity''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.
4. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the said financial statements together with
the notes thereon and attached thereto give, in the prescribed manner,
the information required by the Act, 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 March31,2014;
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 thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order) issued by the Central
Government of India in terms of sub-section (4A) of section 227 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 227(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
ouraudit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from ourexamination 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.
d) In our opinon,except for the effect of the matters referred to in
Note No.33 to the financial statements in the Balance Sheet, Statement
of Profit and Loss, and Cash Flow Statement comply with the Accounting
Standards referred to in subsection (3C) of section 211 of the
Companies Act, 1956 read with the General Circular 15/2013 dated 13
September 2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Jai Mata Glass Limited on the accounts of the company
for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) Substantial part of the fixed assets has not been disposed off
during the year so as to affect the going concern but attention is
drawn to note 39 of the financial statements whereby the management
does not consider the issue of going concern and has emphasized its
commitment to provide continued financial and operational support by
utilising the existing dealer network to undertake and develop trading
operations related to its line of business.
2. (a) As explained to us, inventories have been 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 are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms
orother parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us, the
Company has taken unsecured interest free loan from three parties
listed in the register maintained under Section 301 of the Companies
Act, 1956 and the maximum amount involved during the year aggregate to
Rs. 727.23 lacs and the year-end balance amounted to Rs. 288.03 lacs.
(c) According to the information explanation given, there was no other
terms and conditions for the loan taken. (e) In respect of loan taken
by the Company, the payment towards principal amount is payable on
demand.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. According to the information and explanation given to us, the
Company has not accepted any deposits from the public covered under
section 58A and 58AA of the Companies Act, 1956 and the rules framed
there under. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
7. In our opinion and according to the information and explanations
given to us, the company has an internal audit system commensurate to
the size and nature of its business.
8. The Central Government has not prescribed maintenance of the cost
records by the Company under Section 209 (1)(d) of the Act, therefore
the provision of clause 4(viii) of the Companies (Auditor''s Report)
Order, 2003 is not applicable to the Company.
9. (a) According to the records and information and explanations given
to us, the Company has not been regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
material statutory dues with the appropriate authorities and there are
undisputed statutory dues payable for the year ending March 31, 2014 as
given below:
Service Tax Rs. 12,25,745
Service Tax (Payable under voluntary
deposit scheme) Rs. 15,74,013
Barrier Tax Rs. 10,36,036
Sales Tax Rs. 82,32,130
Mandi Tax Rs. 1,87,606
ESI Rs. 10,30,064
However, it is to be read together with comments in Para No. 4(b) in
the Auditor''s Report and Note No. 35 on Financial Statements.
(b) According to the information and explanations given to us and the
records of the Company examined by us, the particulars of the dues of
Excise Duty, Sales Tax and Provident Fund, as at March 31, 2014 which
has not been deposited on account of disputes, are as follows:-
Sr.
No. Name of the
Statute Nature of the
dues From where dispute is Amount
pending (Rs. In
lacs)
1 Income Tax
Act, 1961 Income Tax Hon''ble High Court, 23.84
Himachal Pradesh
2 Employees
Provident
Fund Act.1952 Interest & Damages
Charges Employees Provident Fund 46.67
Appellate Tribunal,
New Delhi
10. The accumulated losses of the company have exceeded fifty percent
of its net worth as at the end of the year. The Company has incurred
cash losses during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to bank as at the
Balance Sheet date.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security
byway of pledge of shares, debentures and othersecurities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not dealing in or trading in Shares, Mutual funds & other
Investments. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken
byothersfromabankorfinancialinstitution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31*
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management
For B Bhushan & Co.
Chartered Accountants
FRN: 001596N
Subhash Agarwalla
Place : New Delhi (Partner)
Date : April 22, 2014 Membership No. : 533256
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying Financial Statements of JAI MATA GLASS
LIMITED, which comprise the Balance Sheet as at 31st March, 2013, the
Statement of Profit and Loss and Cash Flow Statement for the year
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. 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.
Auditors'' 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 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 assessments,
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 preparation 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 believes that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Basis for Qualified Opinion
(a). Note No.28.15 regarding Non-confirmation of balances of loans,
debtors, loans & advances and current liabilities, impact whereof
presently cannot be commented.
(b). Note No.28.24 regarding to the position stated in the said Note,
the Financial Statements have been prepared on the basis that the
Company is a "Going Concern" although losses exceed aggregate of
its paid up capital and reserves. We are unable to express our opinion
on its ability to continue as a "going concern ".
We further report that the loss for the year, balance in statement of
profit and loss, assets and liabilities are without considering the
impact of the items in para (a) & (b) above.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion paragraph, the financial
statements give the information required by the Act 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 31st March, 2013;
(b). In the case of the Statement of Profit and Loss, of
The 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 Requirement
1. As required by the Companies (Auditor''s Report) order, 2013
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the order.
2. Asrequiredbysection227(3)of the Act, we report that:
(a) We have obtained all the information and explanation 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.
(d) Except of the effect of the matter described in the Basis for
Qualified Opinion paragraph, in our opinion, the Balance Sheet,
Statement of Profit and Loss, Cash Flow Statement comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Act;
(e) On the basis of written representation received from the directors
as on March 31,2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
In our opinion, and in so far as we have been able to ascertain from
the records produced, information furnished and the explanation given
to us by the Company
1. The Company has generally maintained proper records showing full
particulars including quantitative details and situation of fixed
assets including discarded/scrap building and plant & machinery. .
2. The fixed assets have been physically verified by the management
during the year 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.
3. As per information and explanations given by the management during
the year, the Company has not disposed off a major part of fixed assets
during the year.
4. The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
5. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size
ofthe Company and nature of its business.
6. The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
7. a) According to the information and explanation given to us, the
Company has taken unsecured interest free loan
from one company listed in the register maintained under Section 301 of
the Act and the maximum amount involved during the year aggregated to
Rs. 526.27 lacs and the year-end balance amounted to Rs. 523.77 lacs.
b) According to the information and explanation given, there was no
other terms and conditions for the loan taken,
c) As explained to us, the payment of principal amount is payable on
demand.
d) In respect of loan taken by the Company, this is payable on demand
and therefore the question of overdue amount does not arise and the
provisions of sub-clause (d) of clause 4(iii) of the order are not
applicable to the Company.
8. The Company has not granted any loan, secured or unsecured, to
companies, firms and other parties as listed in the Register maintained
under section 301 of the Companies Act, 1956.
9. 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 with regard to purchase of inventory, fixed assets and with
regard to sale of goods. During the course of our audit, no major
weakness has been noticed in internal controls.
10. According to the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
Register maintained u/s 301 of the Act, have been so entered.
11. In our opinion and according to the information and explanations
given to us, the Company has not entered into contracts or arrangements
exceeding Rs. 5.00 lacs in value with companies in which Directors are
interested as listed in the Register maintained under Section 301 of
the Act.
12. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public
within the meaning of Sections 58A& 58AAof the Act and the rules framed
there under.
13. In our opinion, the Company has an internal audit system
commensurate to the size and nature of its business.
14. The Central Govt, has not prescribed maintenance of the cost
records by the Company under Section 209 (1 )(d) of the Act, therefore
the provision of clause 4(viii) often Companies (Auditor''s Report)
Order, 2003 is not applicable to the Company.
15. According to the records and information & explanations given to
us, the Company has not been regular in depositing undisputed statutory
dues including Provident Fund, Employees State Insurance, Income Tax,
Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues with the appropriate authorities and there are
undisputed statutory dues payable for a period of more than six months
from the date they became payable for the year ending 31st March, 2013
as given below:
Nature of Dues Amount (Rs.)
Service Tax 33949848
Barrier Tax 1036036
Sales Tax 17336164
MandiTax 187606
However, it is to be read together with comments in Para No. 4 in the
Auditor''s Report and Note No. 28.28 (b) on Financial Statements.
16. According to the information and explanations given to us and the
records of the Company examined by us, the particulars of dues of
Excise Duty and Sales Tax, as at 31 st March, 2013 which have not been
deposited on account of dispute, are as follows:-
Sr. Name ofthe Nature ofthe From where Amount
No. Statute Dues dispute is
Pending (Rs. in lacs)
I. Central
Excise Excise Duty Appellate
Tribunal, 24.76
Act, 1944 Delhi
II. Income Tax
Act, Income Tax Hon''ble High
Court
1961 Himachal Pradesh 23.84
Total 48.60
17. The accumulated losses of the Company are more than fifty per cent
of its net worth. The Company has incurred cash losses during the
financial year covered by our audit, and in the immediately preceding
financial year no cash loss was incurred.
18. The Company has no dues to financial Institutions or banks as at
the Balance Sheet date.
19. According to the information and explanation given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
20. The Company is not a Chit Fund or a Nidhi/ mutual benefit
fund/society. Therefore, the provision of clause 4 (xiii) of the
Companies (Auditor''s Report) Order, 2003(hereafter referred to as the
said Order ) are not applicable to the Company.
21. The Company is not dealing in or trading in shares, securities,
debentures & other investments. Accordingly, the provisions of clause
(xiv) of the said Order are not applicable to the Company.
22. According to the information and explanation given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
23. According to the information and explanation given to us, the
Company has not received any term loan during the year.
24. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act during the year under report.
25. The Company did not have any outstanding debentures during the
year.
26. The Company has not raised any money through a public issue during
the year.
27. Based on examination of documents and records made available and
on the basis of information and explanations given to us, the Company
has not used funds raised on short basis for long term investments and
vice versa.
28. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For P.K. MAHESHWARI & CO.
CHARTERED ACCOUNTANTS
FRN. 000977N
(P. K. MAHESHWARI)
Place : New Delhi PARTNER
Date : June03,2013. M. No. 7850
Mar 31, 2012
1. We have audited the attached Balance Sheet of Jai Mata Glass
Limited, as at 31st March, 2012, the Statement of Profit and Loss and
also the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for ouropinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Attention is invited to Note No.28.21 (b) on Financial Statements
regarding non-provision of interest & other levies on statutory dues &
the consequential effect on the loss. The amount is unascertainable.
5. Subject to our comments in the Annexure referred to in paragraph 3
& 4, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In ouropinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) 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;
(iv) In ouropinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
(v) On the basis of the written representations received from the
directors, as at 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as at
31st March, 2012 from being appointed as a director in terms of clause
(g) of sub- section (1) of Section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give, in the prescribed
manner, the information required by the Companies Act, 1956, 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 6f affairs of the
Company as at 31st March, 2012;
(b) In the case of the Statement of Profit and Loss, of the 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.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF JAI MATA GLASS LIMITED ON THE FINANCIAL STATEMENTS AS AT AND
FOR THE YEAR ENDED 31 st MARCH 2012.
1. The Company has generally maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
2. The fixed assets have been physically verified by the management
during the year according to a regular programme of periodic
verification in a phased manner 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.
3. No substantial part of fixed assets has been disposed off during
the year, which has bearing on the going concern status of the Company.
4. The inventory (except in transit) has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
5. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and nature of its business.
6. The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
7. a) According to the information and explanation given to us, the
Company has taken unsecured loans from two companies listed in the
register maintained under Section 301 of the Act and the maximum amount
involved during the year aggregated to Rs. 592.55 lacs and the year-end
balance amounted to Rs. 322.48 lacs.
b) According to the information and explanation given, the rate of
interest charged is prima facie not prejudicial to the interest of the
Company. There are no other terms and conditions for the loan taken.
c) As explained to us, the payment of principal amount is payable on
demand and payment of interest is regular.
d) In respect of loan taken by the Company, this is payable on demand
and therefore the question of overdue amount does not arise and the
provisions of sub-clause (d) of clause 4(iii) of the order are not
applicable to the Company.
8. The Company has not granted any loan, secured or unsecured, to
companies, firms and other parties as listed in the Register maintained
undersection 301 of the Companies Act, 1956.
9. 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 with regard to purchase of inventory, fixed assets and with
regard to sale of goods. During the course of our audit, no major
weakness has been noticed in internal controls.
10. According to the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
Register maintained u/s 301 of the Companies Act, 1956 have been so
entered.
11. In our opinion and according to the information and explanations
given to us, the Company has not entered into contracts or arrangements
exceeding ' 5.00 lacs in value with companies in which Directors are
interested as listed in the Register maintained under Section 301 of
the Companies Act, 1956.
12. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public
within the meaning of Sections 58A & 58AA of the Companies Act, 1956
and the rules framed there under.
13. In our opinion, the Company has an internal audit system
commensurate to the size and nature of its business.
14. The Central Govt, has not prescribed maintenance of the cost
records by the Company under Section 209 (1)(d) of the Companies Act,
1956, therefore the provision of clause 4(viii) of the Companies
(Auditor's Report) Order, 2003 is not applicable to the Company.
15. According to the records and information & explanations given to
us, the Company has not been regular in depositing undisputed statutory
dues including Provident Fund, Employees State Insurance, Income Tax,
Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues with the appropriate authorities and there are
undisputed statutory dues payable for a period of more than six months
from the date they became payable for the year ending 31 st March, 2012
as given below:
Nature of Dues Amount (Rs.)
Service Tax 3277850
Barrier Tax 1036036
Sales Tax 13031401
Mandi Tax 187606
However, it is to be read together with comments in Para No. 4 in the
Auditor's Report and Note No. 29.26
(b) on Financial Statements.
16. According to the information and explanations given to us and the
records of the Company examined by us, the particulars of dues of
Excise Duty and Sales Tax, as at 31st March, 2012 which have not been
deposited on account of dispute, areasfollows:-
Sr. Name of the Nature of the From where Amount
No. Statute Dues dispute is Pending (Rs. in
lacs)
Pending
I. Central Excise Excise Duty Appellate Tribunal,
Act, 1944 Delhi. 24.76
II. Income Tax Act, Income Tax Hon'ble High Court
1961 Himachal Pradesh 23.84
Total 48.60
17. The accumulated losses of the Company are more than fifty per cent
of its net worth. The Company has not incurred any cash losses during
the financial year covered by our audit, and in the immediately
preceding financial year.
18. The Company has no dues to financial Institutions or banks as at
the Balance Sheet date.
19. According to the information and explanation given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
20. The Company is not a Chit Fund or a Nidhi/ mutual benefit
fund/society. Therefore, the provision of clause 4 (xiii) of the
Companies (Auditor's Report) Order, 2003(hereafter referred to as the
said Order) are not applicable to the Company.
21. The Company is not dealing in or trading in shares, securities,
debentures & other investments. Accordingly, the provisions of clause
(xiv) of the said Order are not applicable to the Company.
22. According to the information and explanation given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
23. According to the information and explanation given to us, the
Company has not received any term loan during the year.
24. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act during the year under report.
25. The Company did not have any outstanding debenture during the
year.
26. The Company has not raised any money through a public issue during
the year.
27. Based on examination of documents and records made available and
on the basis of information and explanations given to us, the Company
has not used funds raised on short basis for long term investments and
vice versa.
28. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year
For P. K. Maheshwari & Co.
Chartered Accountants
FRN.000977N
P. K. Maheshwari
Place . New Delhi (Partner)
Date. June 06,2012. Membership No. 7850
Mar 31, 2010
1. We have audited the attached Balance Sheet of Jai Mata Glass
Limited, as at 31st March, 2010, the Profit and Loss Account and also
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) (Amendment) Order, 2004
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Attention is invited to note no. 20 (b) regarding non provision of
interest & other levies on statutory dues & the consequential effect on
the profit. The amount is unascertainable.
5. Subject to our comments in the Annexure referred to in paragraph 3
& 4 , we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) 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;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
(v) On the basis of the written representations received from the
directors, as at 31st March, 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as at
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes give the information
required by the Companies Act, 1956, 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 31 st March, 2010;
(b) In the case of the Profit and Loss Account, of the Profit 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.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF JAI MATA GLASS LIMITED ON THE ACCOUNTS AS AT AND FOR THE
YEAR ENDED 31st MARCH 2010.
1. The Company has generally maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
2. The fixed assets have been physically verified by the management
during the year according to a regular programme of periodic
verification in a phased manner 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.
3. No substantial part of fixed assets has been disposed off during
the year, which has bearing on the going concern status of the Company.
4. The inventory (except in transit) has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
5. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and nature of its business.
6. The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
7. a) According to the information and explanation given to us, the
Company has taken unsecured loans from two companies listed in the
register maintained under Section 301 of the Act and the maximum amount
involved during the year aggregated to Rs.794.10 lacs and the year-end
balance amounted to Rs.684.35 lacs.
b) According to the information and explanation given, the rate of
interest charged is prima facie not prejudicial to the interest of the
Company. There are no other terms and conditions for the loan taken.
c) As explained to us, the payment of principal amount is payable on
demand and payment of interest is regular.
d) In respect of loan taken by the Company, this is payable on demand
and therefore the question of overdue amount does not arise and the
provisions of sub-clause (d) of clause 4(iii) of the order are not
applicable to the Company.
8. The Company has not granted any loan, secured or unsecured, to
companies, firms and other parties as listed in the Register maintained
under section 301 of the Companies Act, 1956.
9. 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 with regard to purchase of inventory, fixed assets and with
regard to sale of goods. During the course of our audit, no major
weakness has been noticed in internal controls.
10. According to the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
Register maintained u/s 301 of the Companies Act, 1956 have been so
entered.
11. In our opinion and according to the information and explanations
given to us, the Company has not entered into contracts or arrangements
exceeding Rs. 5.00 lacs in value with companies in which Directors are
interested as listed in the Register maintained under Section 301 of
the Companies Act, 1956.
12. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public
within the meaning of Sections 58A & 58AA of the Companies Act, 1956
and the rules framed there under.
13. In our opinion, the Company has an internal audit system
commensurate to the size and nature of its business.
14. The Central Govt, has not prescribed maintenance of the cost
records by the Company under Section 209 (1)(d) of the Companies Act,
1956, therefore the provision of clause 4(viii) of the Companies
(Auditors Report) Order, 2003 is not applicable to the Company.
15. According to the records and information & explanations given to
us, the Company has not been regular in depositing undisputed statutory
dues including Provident Fund, Employees State Insurance, Income Tax,
Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues with the appropriate authorities and there are
undisputed statutory dues payable for a period of more than six months
from the date they became payable for the year ending 31st March, 2010
as given below:
Nature of Dues (Amount (Rs.)
Provident Fund (since deposited Rs. 2793221/-) 6023815
Service Tax 1731261
Barrier Tax 1036036
Sales Tax 5964779
Mandi Tax 187606
However, it is to be read together with comments in Para No. 4 in the
Auditors Report and Note No. 20.
16. According to the information and explanations given to us and the
records of the Company examined by us, the particulars of dues of
Excise Duty and Sales Tax, as at 31st March, 2010 which have not been
deposited on account of dispute, are as follows :-
Sr. Name of the Nature of the From where Amount
No. Statute Dues dispute is
Pending (Rs. in lacs)
I. Central Excise Excise Duty Appellate
Tribunal, 24.76
Act, 1944 Delhi.
II. Haryana General Sales tax Sales Tax
Tribunal, 0.65
Sales Tax Act Haryana
III.Income Tax Act, Income Tax Honble High
Court
1961 Himachal
Pradesh 23.84
Total 49.25
17. The accumulated losses of the Company are more than fifty per cent
of its net worth. The Company has not incurred any cash losses during
the financial year covered by our audit, and in the immediately
preceding financial year.
18. The Company has no dues to financial Institutions or banks as at
the Balance Sheet date.
19. According to the information and explanation given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
20. The Company is not a Chit Fund or a Nidhi/ mutual benefit
fund/society. Therefore, the provision of clause 4 (xiii) of the
Companies (Auditors Report) Order, 2003 (hereafter referred to as the
said Order) are not applicable to the Company.
21. The Company is not dealing in or trading in shares, securities,
debentures & other investments. Accordingly, the provisions of clause
(xiv) of the said Order are not applicable to the Company.
22. According to the information and explanation given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
23. According to the information and explanation given to us, the
Company has not received any term loan during the year.
24. According to the information and explanations given to us, the
Company has made the preferential allotment of 70,00,000 Equity Shares
of nominal value Re. 1/- per share to a company covered in the register
maintained under section 301 of the Companies Act, 1956 during the
year, in terms of the Rehabilitation Scheme sanctioned by the Honble
BIFR, vide its order dated April 10, 2006.
25. The Company did not have any outstanding debentures during the
year.
26. The Company has not raised any money through a public issue during
the year.
27. Based on examination of documents and records made available and
on the basis of information and explanations given to us, the Company
has not used funds raised on short basis for long term investments and
vice versa.
28. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For P.K. Maheshwari & Co.
Chartered Accountants
FRN. 000977N
Place : New Delhi P. K. Maheshwari
Date : July 21, 2010 (Partner)
Membership No. 7850
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