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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
52-Week high 4.27
52-Week low 4.27
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
52-Week high 4.27
52-Week low 4.27
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


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 asat March 312015 the Statement of Profit and Loss 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

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 (the Act’) with respect to the preparationof these financial statements to give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevent to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropiateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s directors aswell as evaluating the overall presentation of 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.88514663/- on BankBorrowings in terms of the order of Mumbai Debt Recovery Tribunal and non confirmation ofthe accounts from the Bank.


9. In our opinion and to the best of our information and according to the explanationsgiven to us except for effects of the matters described in the Basis for QualifiedOpinion and based on the Emphasis of Matter on the aforesaid financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity 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 2015;

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.

Reoport on other Legal and Regulatory Requirements

11. As required by ‘the Companies (Auditor’s Report) Order 2015 issued bythe Central Government of India in terms of subsection (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure a statement on thematters specified in paragraphs 3 and 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 March312015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

(f) 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 knowledge and belief and according to the information andexplanations given to us:

(i) The Company has no pending litigations as on 31st March 2015 however the companyhas disclosed the impact of pending interest outstanding to the bank as at March 31 2015in its financial statements as referred to Para No.8 of this report and Note 5(2) to thefinancial statements.

ii) The Company has not entered into any long-term contracts including derivativecontracts.

iii) There has been no amounts required to be transferred to the Investor Educationand Protection Fund by the Company during the year ended March 312015.

For A. B. Modi & Associates
Chartered Accountants
Firm Registration No : 106473W
Rajesh S. Shah
Place : Mumbai Partner
Date : 29th May 2015 Membership No.: 017844


Referred to in paragraph 11 of the Independent Auditor’s Report of even date tothe members of Jupiter Industries and Leasing Limited on the financial statements as ofand for the year ended March 31 2015

1. The Company is not having any fixed assets hence clauses 3(i)(a) and 3(i)(b) of theorder are not applicable to the Company for current year.

2. There was no inventory during the year hence clauses 3(ii)(a) 3(ii)(b) and 3(ii)(c)of the order are not applicable to the Company for current year.

3. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the companies Act2013. Since no loan has been granted hence clauses 3(iii)(b) and 3(iii)(c) are notapplicable.

4. There are no transaction of purchase of inventory fixed assets and sale of goodsand service therefore provisions of clause 3(iv) of Companies (Auditor’s Report)Order2015 are not applicable to the Company.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted deposits from the public and therefore the provisions containedin Sections 73 to 76 or any other relevant provisions of the Act and Rules framedthereunder are not applicable to the Company.

We have been informed that no order has been passed by Company Law Board or NationalComapny Law Tribunal or Reserve Bank of India or any other Court or Tribunal in thisregard.

6. According to the information and explanation given to us and to the best of ourknowledge the Central Government has not prescribed maintenance of cost records undersection 148 (1) of the Companies Act 1956 for the products of the Company

7. a) According to the information and explanations given to us the Company is regularin depositing undisputed statutory dues including Provident Fund Employees' StateInsurance Income-tax Sales-tax Wealth-tax Customs Duty Excise Duty Cess and otherstatutory dues with appropriate authorities wherever applicable.

b) According to the information and explanations given to us there are no undisputedamounts payable in respect of such statutory dues which have remained outstanding as at31st March 2015.

c) There is no amount which is required to be transferred to Investor Education andProtection Fund hence clause(vii)(c)of the Companies (Auditors’ Report) Order 2015 isnot applicable.

8. The Company has accumulated losses exceeding fifty percent of its net worth. TheCompany has incurred cash losses in the current financial year and also in the immediatelypreceding financial year.

9. In our opinion and according to the information and explanations given to us theCompany 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 Marine Lines Mumbai 12352692/- 88514663/- 31st of December 2002 to 31st of March 2015

10. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions.

11. The Company has not taken any new term loan during the year.

12. During the course of our examination of the books of account and records of theCompany carried out in accordance with the generally accepted auditing practices in Indiaand according to the information and explanations given to us we have neither come acrossany instances of material fraud on or by the Company noticed or reported during the yearnor have we been informed of such cases by management.

For A. B Modi & Associates
Chartered Accountants
Firm Registration Number 106473W
Rajesh S. Shah
Place : Mumbai Partner
Date : 29th May 2015 Membership Number 017844