You are here » Home » Companies » Company Overview » Jupiter Industries & Leasing Ltd

Jupiter Industries & Leasing Ltd.

BSE: 507987 Sector: Financials
NSE: N.A. ISIN Code: INE990E01016
BSE LIVE 12:42 | 17 Apr Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.27
PREVIOUS CLOSE 4.27
VOLUME 300
52-Week high 4.27
52-Week low 4.27
P/E
Mkt Cap.(Rs cr) 0
Buy Price 4.27
Buy Qty 200.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.27
CLOSE 4.27
VOLUME 300
52-Week high 4.27
52-Week low 4.27
P/E
Mkt Cap.(Rs cr) 0
Buy Price 4.27
Buy Qty 200.00
Sell Price 0.00
Sell Qty 0.00

Jupiter Industries & Leasing Ltd. (JUPITERINDS) - Auditors Report

Company auditors report

TO THE MEMBERS

Report on the Financial Statements

1. We have audited the accompanying financial statements of Jupiter Industries andLeasing Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements and for Internal FinancialControls over Financial Reporting

2. The Company's Board of Directors is responsible for the matters stated in Section134{5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements to give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgements and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevent to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit

4 We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and the Guidance Note on Audit of Interna! Financial Controlsover Financial Reporting. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement

6. An audit involves performing procedures to obtain audit evidence about the amounlsthe disclosures in the financial statements. The procedure selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances An audit also includes evaluating theappropiateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's directors as well as evaluating the overall presentationof the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Basis for Qualified Opinion

8. The Company has not provided interest aggregating to Rs. 130528044/- on BankBorrowings in terms of the order of Mumbai Debt Recovery Tribunal and non confirmation ofthe accounts from the Bank.

Opinion

9. In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis of QualifiedOpinion paragraph above the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017;

b) in the case of the Statement of Profit and Loss . of the loss for the year ended onthat date: and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Emphasis of Matters

10. We draw your attention to Note no.1(c) to the financial statements indicating thatthe accounts of the Company have been prepared on the basis that the Company is a goingconcern although the ability of the Company to continue its operation in the nearforseeable future is dependant on the financial position of the Company. Our report is notqualified in respect of this matter.

Report on other Legal and Regulatory Requirements

11. As required by the Companies (Auditor's Report) Order 2016 {"the Order")issued by the Central Government of India in terms of sub-section {11) of section 143 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the Annexure "A" a statement on the matters specified in paragraphs 3and 4 of the Order.

12. As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards 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 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164(2} of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B".

(g) The matter described in the Basis for Qualified Opinion paragraph above in ouropinion may have an adverse effect on the functioning of the Company.

(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company has no pending litigations as on 31st March 2017 however the Companyhas disclosed the impact of pending interest outstanding to the bank as at 31st March2017 in its financial statements as referred to Para No.8 of this report and Note 5(2) tothe financial statements

(ii) The Company did not have any long term contracts including derivative contractsfor which there were materia! foreseeable losses.

(iii) There has been no amounts required to be transferred to the Investor Educationand Protection Fund by the Company during the year ended 31st March 2017

(iv) The Company has provided requisite disclosures in the standalone financialstatements as to holding as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 on the basis of information available withthe Company. Based on audit procedure and relying on management's representation wereport that disclosures are in accordance with the books of accounts maintained by theCompany and as produced to us by the Management. - Refer Note 7 of Notes to FinancialStatements.

For A. B. Modi & Associates
Chartered Accountants
Firm's Registration No :106473W
Rajesh S. Shah
Partner
Membership No.: 017844
Place : Mumbai
Date : 18th May 2017

Annexure - "A"

Annexure referred to an Independent Auditors' Report of even date to the members ofJupiter Industries and Leasing

Limited on financial statements for the year ended 31s1 March 2017.

We report that:

(i) The Company is not having any fixed assets hence provisions of clauses 3(i)(a)3(i)(b) and 3(i)(c) of the Companies (Auditors' Report) Order 2016 are not applicable tothe Company for current year.

(ii) There was no inventory during the year hence provisions of clause 3{ii) of theCompanies (Auditors' Report) Order 2016 are not applicable to the Company for currentyear.

(iii) The Company has not granted any loans secured/ unsecured loans to any partieswhich is covered in the register maintained under Section 189 of the Act. henceprovisions of clauses 3(iii)(a) 3(iii)(b) and 3(iii)(c) of the Companies (Auditors'Report) Order 2016 are not applicable

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of S.185 and S.186 of the Companies Act 2013 inrespect of the loan and investments. We are informed that the Company has not provided anyguarantee or securities during the year.

(v) The company has not accepted any deposit from the public within the meaning ofsections 73 to 76 of the Act and the Rules framed there to the extent notified.

(vi) We have been informed that the Company is not covered under the rules made by theCentral Government of India in respect of the maintenance of cost records as has beenspecified under sub-section (1) of Section 148 of the Act. We have therefore notexamined the records with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including income tax and other material statutory dues asapplicable with the appropriate authorities.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues outstanding in respect of income tax sales-taxincluding value added tax duty of customs and duty of excise as at 31st March 2017 whichhave not been desposited on account of a dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has defaulted in repayment of dues to bank. The detail of period and amount ofdefault as ascertained by management is as follows:

Name of Bank Principal Amount Interest Accured and due Period to which it relates
Canara Bank New Marine Lines Mumbai 12352692/- 130528044/- 1st of December 2002 to 31st of March 2017

(ix) According to the information and explanations given to us and based on our auditprocedures the Company has not raised any initial public offer or further public offer(including debt instruments) and term loan during the year hence the provision of clause3 (ix) of the Companies (Auditors' Report) Order 2016 are not applicable to the Company.

(x) On our examination of the books and records of the Company carried out inaccordance with generally accepted auditing practices in India and according to theinformation and explanations given to us we have neither come accorss any instances offraud by the Company or on the Company by its officers or employees noticed or reportedduring the year nor have we been informed of any such case by the Management.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not paid/ provided managerialremuneration during the year. Accordingly provisions of Clause 3(xi) of the Companies(Auditors' Report) Order 2016 are not applicable to the Company.

(xii) In our opinion and according to the information and explanations given to us theCompany Is not a nidhl Company. Accordingly provisions of Clause 3{xii) of the Companies(Auditors Report) Order 2016 are not applicable to the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the act where applicable and details of suchtransactions have been disclose in the financial statements as required by the applicableaccounting standards.

{xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferntialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review. Accordingly provisions of Clause 3(xiv) of the Companies(Auditors' Report) Order 2016 are not applicable to the Company.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or person connected with them. Accordingly provisions ofClause 3{xv) of the Companies (Auditors' Report) Order 2016 are not applicable to theCompany.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly provisions of Clause 3 (xvi) of the Companies(Auditors' Report) Order 2016 are not applicable to the Company

For A. B. Modi & Associates
Chartered Accountants
Firm's Registration No.:106473W
Rajesh S. Shah
Partner
Membership No.: 017844
Place Mumbai
Date : 18th May 2017

Annexure - "B"

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the Internal Financial Controls over financial reporting of JupiterIndustries & Leasing Limited ("the Company") as of 31s1 March2017 in conjunction with our audit of the financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining InternalFinancial Controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate InternalFinancial Controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's Internal FinancialControls over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of Internal Financial Controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal Financial Controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe Internal Financial Controls system over financial reporting and their operatingeffectiveness. Our audit of Internal Financial Controls over financial reporting includedobtaining an understanding of Internal Financial Controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the Auditors' judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's Internal Financial Controls systemover financial reporting.

Meaning of the Internal Financial Controls over Financial Reporting

A Company's Internal Financial Controls over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's Internal Financial Control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of Internal Financial Controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal Financial Controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate InternalFinancial Controls system over financial reporting and such Internal Financial Controlsover financial reporting were operating effectively as at 31s1 March 2017 baseon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For A. B. Modi & Associates
Chartered Accountants
Firm's Registration No.:106473W
Rajesh S. Shah
Partner
Membership No.: 017844
Place : Mumbai
Date : 18th May 2017