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Jay Ushin Ltd.

BSE: 513252 Sector: Auto
NSE: N.A. ISIN Code: INE289D01015
BSE 00:00 | 03 Feb 680.40 -28.60
(-4.03%)
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NSE 05:30 | 01 Jan Jay Ushin Ltd
OPEN 707.00
PREVIOUS CLOSE 709.00
VOLUME 322
52-Week high 835.00
52-Week low 404.00
P/E 17.74
Mkt Cap.(Rs cr) 263
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 707.00
CLOSE 709.00
VOLUME 322
52-Week high 835.00
52-Week low 404.00
P/E 17.74
Mkt Cap.(Rs cr) 263
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 Audit of FinancialStatements Opinion

We have audited the accompanying financial statements of JAY USHINLIMITED ('the Company') which comprise the Balance Sheet as at 31 March 2022 theStatement of Profit and Loss (including Other Comprehensive Loss) 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 theexplanations given to us the aforesaid separate financial statements give the informationrequired by the Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards prescribedunder section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended ("Ind AS") and other accounting principles generally acceptedin India of the state of affairs of the company as at 31 March 2022 the Loss and totalcomprehensive loss changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditingspecified under section 143(10) of the Act (SAs). Our responsibilities under thoseStandards are further described in the Auditor?s Responsibilities for the Audit ofthe Separate Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of theseparate financial statements under the provisions of the Act and the Rules madethereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit matter

Key audit matters (KAM) are those matters that in our professionaljudgment were of most significance in our audit of the financial statements of the currentperiod. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined that there are no key audit mattersto communicate in our report.

Information Other than the Financial Statements and Auditor?sReport thereon

The Company?s Board of Directors is responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the financial statements and our auditor?s reportthereon.

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

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information identified above when it becomes availableand in doing so consider whether the other information is materially inconsistent withthe financial statements or our knowledge obtained during the course of our audit orotherwise appears to be materially misstated.

When we read the Annual Report if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance.

Management?s Responsibility for the Financial Statements

The Company?s Board of Directors is responsible for the mattersstated in Section 134(5) of the Act with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the Ind AS and accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and 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 financial statements management is responsible forassessing the Company?s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany?s financial reporting process.

Auditor?s Responsibility

Auditor?s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial 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. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these separate financial statements.

A further description of our responsibilities for the audit of thefinancial statements is included in "Annexure-A" of this auditor's report.

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 - B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by section 143(3)of the Act we report that:

a. We have sought and obtained all the information and explanationswhich 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 beenkept by the Company so far as it appears from our examination of those books;

c. The Balance Sheet Statement of Profit and Loss Statement of CashFlows and Statement of Changes in Equity dealt with by this Report are in agreement withthe books of account;

d. In our opinion the aforesaid separate financial statements complywith the Ind AS specified under Section 133 of the Act read with relevant rules issuedthereunder;

e. On the basis of written representations received from the directorsas on 31 March 2022 and taken on record by the Board of Directors none of the directorsis disqualified as on 31 March 2022 from being appointed as a director in terms ofSection 164(2) of the Act;

f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in "Annexure - C";

g. With respect to the other matters to be included in theAuditor?s Report in accordance with the requirements of section 197(16) of the Actas amended:

As per the information and explanation given to us and on the basis ofour examination of the records the company has paid or provided managerial remunerationas per the requirement of section 197 of the Act read with schedule V of the act.

h. With respect to the other matters to be included in theAuditor?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 accordingto the explanations given to us:

i) The Company has disclosed the impact of pending litigation on itsfinancial position in its financial statements. Refer Note No. 3.11 to the financialstatements;

ii) The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;

iii) There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company. However withregard to transferring of respective shares to Investors Education and Protection Fund theprocess has been started.

a. On the basis of the representation from the management no funds havebeen advanced or loaned or invested (either from borrowed funds or share premium or anyother sources or kind of funds) by the company to or in any other person(s) orentity(ies) including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany 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. On the basis of the representation from the management no funds havebeen received by the company from any person(s) or entity(ies) including foreign entities("Funding Parties") with the understanding whether recorded in writing orotherwise that the company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries.

c. Based on the audit procedures that have been considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11 (e) as providedunder (a) and (b) above contain any material misstatement.

iv) The Company has not declared or paid any Dividend during the year.

ANNEXURE ‘A? TO THE AUDIT REPORT TO THE JAY USHIN LIMITED

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the companies Act 2013 we are also responsible for expressing ouropinion on whether the company has adequate internal financial controls system in placeand the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management?s use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor?sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor?s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonable knowledgeable user of the financial statements may beinfluenced. We consider quantitative and qualitative factors in (i) planning the scope ofour audit work and in evaluating the results of our work; and (ii) to evaluate the effectof any identified misstatements in the financial statements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

ANNEXURE ‘B? TO THE INDEPENDENT AUDITOR?S REPORT TO THEJAY USHIN LIMITED

Referred to in paragraph 1 under 'Report on Other Legal and RegulatoryRequirements? paragraph of our report on the financial statement of even date

i. In respect of the Company?s Property Plant and Equipment andIntangible Assets:

a) A. The Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment.

B. The Company has maintained proper records showing full particularsof intangible assets.

b) The Company has physically verified these fixed assets as per itsprogram of physical verification that covers every item of fixed assets over a period ofthree years in a phased manner and no material discrepancies were noticed on suchverification.

c) According to information and explanation given to us and on thebasis of our examination of the records the Company has Title Deeds in the name of thecompany in respect of all immovable property (other than properties where the company isthe lessee and the lease agreements are duly executed in favour of the lessee) except thelease deeds as per the table below:

Description of property Gross carrying value (Rs. in Lakhs) Held in name of Whether promoter director or their relative or employee Prior held- indicate range where appropriate Reason for not being held in name of Company
Gujarat 1124.57 Gujarat Industrial Development Corporation Not Applicable Not Applicable Deferred payment not completed as yet
Rohtak 898.67 Haryana Industrial Development Corporation Not Applicable Not Applicable Deferred payment not completed as yet

d) The Company has not revalued any of its Property Plant andEquipment (including right-of-use assets) and intangible assets during the year.

e) As per the information and explanation given to us no proceedingshave been initiated during the year or are pending against the Company as at March 312022 for holding any Benami property under the Benami Transactions (Prohibition) Act 1988(as amended in 2016) and rules made thereunder.

ii. In respect of Inventory

a) The Inventories of the Company have been physically verified by themanagement during the year

b) The physical verification of inventory has been conducted atreasonable intervals by the management and no material discrepancies were noticed on suchphysical verification.

c) In our opinion and according to the information and explanationsgiven to us the monthly statements filed by the company with banks or financialinstitutions are in agreement with the books of account of the Company.

iii. In our opinion and according to the information and explanationsgiven to us the company has not made any investments in not provided any guarantee orsecurity or not granted any loans or advances in the nature of loans secured orunsecured to companies firms Limited Liability Partnerships or any other parties. Sothe para 3(iii) (a) (b) (c) (d) (e) (f) are not applicable to the company

iv. As per the information and explanation given to us and on the basisof our examination of the records the company has not given any loans made investmentprovided any guarantees and security to the parties covered under section 185 and 186 ofthe Companies Act 2013.

v. The Company has not accepted any deposit or taken any amount whichare deemed to be deposit from the public within the meaning of directives issued by theReserve Bank of India and provisions of section 73 to 76 or any other relevant provisionsof the Companies Act 2013 and rules framed thereunder.

vi. We have broadly reviewed the cost records maintained by the Companypursuant to the Companies (Cost records and Audit) Rules 2014 under section 148 of theAct and are of the opinion that prima facie the prescribed cost records have been madeand maintained. We have however not made a detailed examination of the cost records witha view to determine whether they are accurate or complete.

vii. In respect of Statutory Dues

a) According to the information and explanation given to us and therecords of the company examined by us in our opinion the Company is generally regular indepositing undisputed statutory dues in respect of provident fund investor education andprotection fund employee?s state insurance income tax sales tax wealth taxservice tax goods and services tax customs duty excise duty value added tax cess andother material statutory dues as applicable with the appropriate authorities. Furtherthere were no undisputed amounts outstanding at the year-end for a period of more than sixmonths from the date

they became payable.

b) Details of statutory dues referred to in sub clause (a) above whichhave not been deposited till March 312022 on account of disputes are given below:

S. No. Name of the Statute Nature of Dues Amount (Rs. In Lakhs) Period to which the amount relates Forum where the dispute is pending
1. Income TaxAct 1961 Income Tax 51.32 2017-18 Central Circular 13 Delhi

The amount have been adjusted by the department.

viii. As per the information and explanation given to us there were notransactions relating to previously unrecorded income that have been surrendered ordisclosed as income during the year in the tax assessments under the Income Tax Act 1961(43 of 1961).

ix. a) According to the records of the company examined by us and theinformation and explanations given to us the company has not defaulted in repayment ofloans or other borrowings or in the payment of interest thereon to any lender during theperiod. Therefore reporting under clause 3(ix)(a) of the Order in not applicable.

b) As per the information and explanation given to us the Company hasnot declared wilful defaulter by any bank or financial institution or government or anygovernment authority.

c) As per the information and explanation given to us the company hasapplied the term loan for the purpose for which it was obtained.

d) On an overall examination of the financial statements of theCompany funds raised on short-term basis prima facie have been used during the year forlong-term purposes by the Company. Current liability has been increased by Rs 2360.91.

e) The Company has no subsidiary joint venture and Associate Sorequirement of this clause (ix) (e)& (f) are not applicable.

x. a) The Company has not raised moneys by way of initial public offeror further public offer (including debt instruments) during the year and thereforereporting under clause 3(x)(a) of the Order is not applicable.

b) During the year the Company has not made any preferential allotmentor private placement of shares or convertible debentures (fully or partly or optionally)and therefore reporting under clause 3(x)(b) of the Order is not applicable.

xi. a) During the course of our examination of the books and records ofthe Company carried out in accordance with the Generally Accepted Auditing Practices inIndia we have neither came across any instance of fraud on or by the Company noticed orreported during the year nor had been informed of such case by the management.

b) No report under sub-section (12) of section 143 of the Companies Acthas been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government during the year and upto the date of this report.

c) As per information explanation and representation the Company hasnot received any whistle blower complaint during the year.

xii. The Company is not a Nidhi Company and therefore reporting underclause (xii) (a) (b) (c) of the Order is not applicable.

xiii. As per the information and explanation given to us and on thebasis of our examination of the records the company has transacted with the relatedparties which are in compliance with section 188 & 177 of the Companies Act 2013 andthe details have been disclosed in the financial statements.

xiv. a) In our opinion the company has an adequate internal auditsystem commensurate with the size and the nature of its business.

b) We have considered the internal audit reports for the year underaudit issued to the Company during the year and till date in determining the naturetiming and extent of our audit procedures.

xv. In our opinion during the year the Company has not entered into anynon-cash transactions with its Directors or persons connected with its directors and henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company.

xvi. a) In our opinion the Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934. Therefore reporting underclause 3(xvi)(a) of the Order is not applicable.

b) As per the information & explanation and records given to us thecompany has not conducted any Non-Banking Financial or Housing Finance activity.Therefore reporting under clause 3(xvi)(b) of the Order is not applicable.

c) As per the information & explanation given to us the company isnot a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bankof India. Therefore reporting under clause 3(xvi) (c) of the Order is not applicable.

d) As per the information & explanations given to us the Group ofthe company does not have CIC as a part of Group. Therefore reporting under clause3(xvi)(d) of the Order is not applicable.

xvii. The Company has not incurred any cash losses during the financialyear covered by our audit and the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors of theCompany during the year.

xix. On the basis of the financial ratios ageing and expected dates ofrealization of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts up to the date of the audit report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the balance sheet date will get discharged by the Company as and when they falldue.

xx. a) There are no unspent amounts towards Corporate SocialResponsibility (CSR) on other than ongoing projects requiring a transfer to a Fundspecified in Schedule VII to the Companies Act in compliance with second proviso tosub-section (5) of Section 135 of the said Act. Therefore reporting under clause 3(xx)(a)of the Order is not applicable for the year.

b) There are no ongoing projects with the Company. Therefore reportingunder Clause 3(xx)(b) of the Order is not applicable for the year.

"ANNEXURE - C" TO THE INDEPENDENT AUDITOR?S REPORT OFEVEN DATE ON

THE FINANCIAL STATEMENTS OF JAY USHIN LIMITED

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act").

We have audited the internal financial controls over financialreporting of JAY USHIN LIMITED ("the Company") as at 31 March 2022 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management?s Responsibility for Internal Financial Controls

The Company?s Board of Directors is responsible for establishingand maintaining internal financial controls based on "the internal control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia". These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company?spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor?s Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor?s judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion based on records the Company has in all materialrespects an adequate internal financial controls over financial reporting and theinternal controls over financial reporting are generally operating effectively as at 31March 2022 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".

For S S KOTHARI MEHTA AND COMPANY
Chartered Accountants
Firm Registration No. 000756N
Place: New Delhi Neeraj Bansal
Date: 30-05-2022 (Partner)
UDIN: 22095960AJVZYO1709 Membership No. 095960

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