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Jay Ushin Ltd.

BSE: 513252 Sector: Auto
NSE: N.A. ISIN Code: INE289D01015
BSE 00:00 | 17 Sep 485.00 4.00
(0.83%)
OPEN

468.15

HIGH

485.00

LOW

468.15

NSE 05:30 | 01 Jan Jay Ushin Ltd
OPEN 468.15
PREVIOUS CLOSE 481.00
VOLUME 83
52-Week high 616.00
52-Week low 387.20
P/E 9.53
Mkt Cap.(Rs cr) 187
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 468.15
CLOSE 481.00
VOLUME 83
52-Week high 616.00
52-Week low 387.20
P/E 9.53
Mkt Cap.(Rs cr) 187
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jay Ushin Ltd. (JAYUSHIN) - Auditors Report

Company auditors report

To The Members of Jay Ushin Limited Report On the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of JAY USHINLIMITED ('the Company') which comprise the Balance Sheet as at 31 March 2020 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and notes tothe separate financial statements including a summary of the significant accountingpolicies and other explanatory information (herein after referred to as “separatefinancial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid separate financial statements give the information required bythe Companies Act 2013 (“the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended (“Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the company as at 31 March 2020 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act (SAs). Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Separate FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India (ICAI) togetherwith the ethical requirements that are relevant to our audit of the separate financialstatements under the provisions of the Act and the Rules made thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to the Note no. 48 to the financial results which describes theimpact of COVID-19 pandemic on the Company's operations carrying value of the assets andresults as assessed by the management. The management of the company based on theassessment expects that there is no significant change in the carrying amount of theassets of the company and the carrying amount of these assets will be recovered. Ouropinion is not modified in respect of this matter.

Key Audit matter

Key audit matters (KAM) are those matters that in our professional judgment were ofmost significance in our audit of the financial statements of the current period. Thesematters were addressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon and we do not provide a separate opinion on thesematters. We have determined that there are no key audit matters to communicate in ourreport.

Information Other than the Standalone Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe standalone financial statements and our auditor's report thereon.

The Annual Report is expected to be made available to us after the date of issue ofthis audit report.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information identified above when it becomes available and in doingso consider whether the other information is materially inconsistent with the standalonefinancial statements or our knowledge obtained during the course of our audit or otherwiseappears to be materially misstated.

When we read the Annual Report if we conclude that there is a material misstatementtherein we are required to communicate the matter to those charged with governance.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income cash flows and changes in equity of the Company in accordancewith the Ind AS and accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments 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 relevant to the preparation and presentation ofthe separate financial statements that give a true and fair view and are free frommaterial misstatements whether due to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process. Auditor's Responsibility for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these separate financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the separate financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also

responsible for expressing our opinion on whether the company has adequate internalfinancial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe separate financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the separatefinancial statements including the disclosures and whether the separate financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the separate financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonable knowledgeable user of the separate financial statements may be influenced. Weconsider quantitative and qualitative factors in (i) planning the scope of our audit workand in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the separate financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued bythe 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 theOrder.

2. 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 purpose 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 Statement of Profit and Loss Statement of Cash Flows andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account;

d. In our opinion the aforesaid separate financial statements comply with the Ind ASspecified under Section 133 of the Act read with relevant rules issued thereunder;

e. On the basis of written representations received from the directors as on 31 March2020 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2020 from being appointed as a director in terms of Section 164(2) of theAct;

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. With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:

As per the information and explanation given to us and on the basis of our examinationof the records managerial remuneration has been paid or provided as specified by theprovisions of section 197 read with Schedule V to the Act.

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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i) the Company has disclosed the impact of pending litigation on its financial positionin its standalone financial statements. Refer Note No 41 to the standalone financialstatements;

ii) the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii) there has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For S. S. Kothari Mehta and Company
Chartered Accountants
Firm Registration No. 000756N
Neeraj Bansal
Place: Delhi Partner
Date: June 30 2020 Membership No. 095960
UDIN: 20095960AAAAFR1099

"ANNEXURE - A" TO THE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAYUSHIN LIMITED

Referred to in paragraph 1 of report on other legal and regulatory requirement'sparagraph of our report on the financial statement of even date

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has physically verified these fixed assets as per its program ofphysical verification that covers every item of fixed assets over a period of three yearin a phased manner and no material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us and based on availablerecords of the Company the lease deed of lands located at Bhagapura Industrial EstateGujarat and Rohtak has not yet been executed by the Company however the possession hadbeen taken.

(ii) The physical verification of inventory has been conducted at reasonable intervalsby the management and no material discrepancies were noticed on such physicalverification. Further our attendance at the physical inventory verification done by themanagement was impracticable under the current lockdown restrictions imposed by thegovernment and we therefore relied on the related alternative audit procedure to obtaincomfort over the existence and condition of inventory at year end.

(iii) As per the information and explanation given to us and on the basis of ourexamination of the records the Company has not granted any loans secured or unsecuredto companies firms Limited Liability Partnerships or other parties covered in theregister maintained under section 189 of the Companies Act 2013.

(iv) The Company has not granted any loans or provided any guarantees or security tothe parties covered under section 185 and 186 of the Companies Act 2013. The Company hascomplied with the provisions of section 186 of the Companies Act 2013 in respect ofinvestment made.

(v) The Company has not accepted any deposits from the public within the meaning ofdirectives issued by the Reserve Bank of India and provisions of sections 73 to 76 or anyother relevant provisions of the Companies Act 2013 and the rules framed thereunder.

(vi) The Central Government has not prescribed the maintenance of cost records for theactivities carried on by the Company during the year ended 31 March 2020 undersub-section (1) of section 148 of the Companies Act 2013 hence clause(vi) of paragraph 3of the Order is not applicable to the Company.

(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 generally regular in depositingundisputed statutory dues in respect of provident fund investor education and protectionfund employees' state insurance income tax customs duty Goods and Services Tax Cessand other material statutory dues as applicable with the appropriate authorities. Furtherthere were no undisputed amounts outstanding at year end for a period of more than sixmonths from the date they became payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income tax custom duty Goods and ServiceTax Cess and other material statutory dues which have not been deposited on account ofany dispute.

(viii) According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of loans from bankand financial institutions. Further the Company has not taken any loan from Governmentand dues to debenture holders.

(ix) As per the information and explanation given to us and on the basis of ourexamination of the records the company has not raised moneys by way of initial publicoffer or further public offer (including debt instruments) and term loans were applied forthe purpose for which they were raised.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India we haveneither come across any instance of fraud by the company or on the Company by its officersor employees noticed or reported during the year nor we have been informed of such caseby the management.

(xi) As per the information and explanation given to us and on the basis of ourexamination of the records managerial remuneration has been paid or provided as specifiedby the provisions of section 197 read with Schedule V to the Companies Act 2013.

(xii) The company is not a Nidhi Company therefore this clause is not applicable tothe company.

(xiii) As per the information and explanation given to us and on the basis of ourexamination of the records the company has transacted with the related parties which arein compliance with section 177 and 188 of Companies Act 2013 and the details have beendisclosed in the standalone financial statements as required by the Indian AccountingStandard - 24 “Related Party Disclosures". Refer Note No. 43 to the standalonefinancial statements.

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year.

(xv) As per the information and explanations given to us and on the basis of ourexamination of the records the company has not entered into any non-cash transactionswith directors or persons connected with him.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Therefore this clause is not applicable to the company.

For S. S. Kothari Mehta and Company
Chartered Accountants
Firm Registration No. 000756N
Neeraj Bansal
Place: Delhi Partner
Date: June 30 2020 Membership No. 095960
UDIN: 20095960AAAAFR1099

"ANNEXURE - B" TO THE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAYUSHIN LIMITED

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 JAYUSHIN LIMITED (“the Company") as at 31 March 2020 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on “the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India". 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.

Auditor's 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 auditor's judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

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 Internal Financial Controls Over Financial Reporting

A company's internal financial control 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion based on records the Company has in all material respects an adequateinternal financial controls over financial reporting and the internal controls overfinancial reporting are generally operating effectively as at 31 March 2020 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For S. S. Kothari Mehta and Company
Chartered Accountants
Firm Registration No. 000756N
Neeraj Bansal
Place: Delhi Partner
Date: June 30 2020 Membership No. 095960
UDIN: 20095960AAAAFR1099

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