TO THE BOARD OF DIRECTORS OF JINDAL LEASEFIN LIMITED
Report on the audit of the Standalone Financial Results
We have audited the accompanying standalone quarterly financial results of JindalLeasefin Limited (the company) for the quarter ended March 31 2021 and the year to dateresults for the period from April 1 2020 to March 31 2021 attached herewith beingsubmitted by the company pursuant to the requirement of Regulation 33 of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 as amended ("ListingRegulations").
In our opinion and to the best of our information and according to the explanationsgiven to us these standalone financial results:
i. are presented in accordance with the requirements of Regulation 33 of the ListingRegulations in this regard; and
ii. give a true and fair view in conformity with the recognition and measurementprinciples laid down in the applicable accounting standards and other accountingprinciples generally accepted in India of the net profit and other comprehensive incomeand other financial information for the quarter ended March 31 2021 as well as the yearto date results for the period from April 1 2020 to March 31 2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013 (the Act). Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Standalone Financial Results section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial results under the provisions of the Companies Act 2013 and the Rulesthereunder 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.
Management's Responsibilities for the Standalone Financial Results
These quarterly financial results as well as the year to date standalone financialresults have been prepared on the basis of the interim financial statements. The Company'sBoard of Directors are responsible for the preparation of these financial results thatgive a true and fair view of the net profit and other comprehensive income and otherfinancial information in accordance with the recognition and measurement principles laiddown in Indian Accounting Standard 34 'Interim Financial Reporting' prescribed underSection 133 of the Act read with relevant rules issued thereunder and other accountingprinciples generally accepted in India and in compliance with Regulation 33 of the ListingRegulations.
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 standalone financial results that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
In preparing the standalone financial results the Board of Directors are responsiblefor assessing 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 the Board of Directors either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so
The Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalonefinancial results as a whole are free from material misstatement whether due to fraud orerror and to issue an auditor's report that includes our opinion. Reasonable assurance isa 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 standalone financial results.
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 standalonefinancial results 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 the audit in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial results or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.
Evaluate the overall presentation structure and content of the standalonefinancial results including the disclosures and whether the financial results representthe underlying transactions and events in a manner that achieves fair presentation.
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.
|By Order of the Board || |
|JINDAL LEASEFIN LIMITED || |
|Sd/- ||Sd/- |
|Surender Kumar Jindal ||Chavi Rungta |
|Managing Director ||Director |
|DIN: 00130589 ||DIN: 00481039 |
|Address: 110 Babar Road ||Address: 110 Babar Road |
|New Delhi- 10001 ||Opp. World Trade Centre New Delhi-110001 |
|Date: 01.09.2021 || |
|Place: New Delhi || |