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Jindal Poly Investment & Finance Company Ltd.

BSE: 536773 Sector: Financials
NSE: JPOLYINVST ISIN Code: INE147P01019
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OPEN 262.05
PREVIOUS CLOSE 253.95
VOLUME 729
52-Week high 462.80
52-Week low 35.75
P/E
Mkt Cap.(Rs cr) 277
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
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OPEN 262.05
CLOSE 253.95
VOLUME 729
52-Week high 462.80
52-Week low 35.75
P/E
Mkt Cap.(Rs cr) 277
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jindal Poly Investment & Finance Company Ltd. (JPOLYINVST) - Auditors Report

Company auditors report

To the Members of

JINDAL POLY INVESTMENT AND FINANCE COMPANY LIMITED

Report on the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone financial statements ofJINDAL POLY INVESTMENT AND FINANCE COMPANY LIMITED which comprises the Balance Sheet asat March 31 2021 the Statement of Profit and Loss (including other comprehensiveIncome) the statement of cash flows and Statement of changes in Equity for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 (the "Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under Section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31st March2021 and their standalone loss their standalone total comprehensive income theirstandalone cash flows and their standalone changes in equity for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the 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 together with the ethical requirements that are relevant to our audit of thefinancial statements 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.

Emphasis of Matter

a) We draw attention to Note 29 to the Standalone Financial Statementsin which the COVID 19 Pandemic impact on the company has been described by the management.Our report is not modified in respect of this matter.

b) We further draw attention to Note 25 and 26 to the StandaloneFinancial Statements in which the Company describes the matter under litigation with Bankand Financial Institution. Our report is not modified in respect of this matter.

c) We further draw attention to Note no. 3 to the Statement in whichthe management has opted for reclassification of Equity instrument from FVTPL to FVTOCIsubsequent to the initial recognition as FVTPL. The same has been done by the managementto reduce the recognition inconsistency w.r.t. 'accounting mismatch' as per IND AS 109.Our report is unmodified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professionaljudgement were of most significance in our audit of the standalone financial statementsfor the financial year ended March 312021. These matters were addressed in the context ofour audit of the standalone financial statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters. For each matter belowour description of how our audit addressed the matter is provided in that context.

We have determined the matter described below to be the key auditmatters to be communicated in our report. We have fulfilled the responsibilities describedin the auditor's responsibilities for the audit of the standalone financialstatements section of our report including in relation to these matters. Accordingly ouraudit included the performance of procedures designed to respond to our assessment of therisk of material misstatement of the standalone financial statements. The results of ouraudit procedures including the procedures performed to address the matters below providethe basis for the audit opinion on the accompanying standalone financial statements.

Key audit matters How our audit addressed the key audit matter
Nil Nil

Information other than the Financial Statements and Auditor'sReport thereon

• The Company's Board of Directors is responsible for theother information. The other information comprises the information included in theBoard's Report (including annexures thereto) Business Responsibility Statement andManagement discussion and analysis (MD&A) (collectively referred to as "otherinformation") but does not include the standalone financial statements and ourauditor's report thereon.

• Our opinion on the standalone financial statements does notcover the other information and we do not express any form of assurance conclusionthereon.

• In connection with our audit of the standalone financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the standalone financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Responsibility of Management for the Standalone Financial Statement

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards (Ind AS) specified under section 133 of the Act. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate implementationand maintenance of accounting policies; making judgments and estimates that are reasonableand prudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatement that give a true and fair view and are free from material misstatement whetherdue 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 for the Audit ofthe Standalone Financial Statement.

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 financial statements.

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 thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial control relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under Section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by the 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 standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation..

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (i) planning the scope of our audit work and in evaluating the results of our work; and(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements.

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.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequencesof doing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on other Legal and Regulatory Requirements

1. 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 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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 purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as appears from our examination of those books.

c) the Balance Sheet and the Statement of Profit and Loss including thestatement of Other Comprehensive Income the Cash Flow Statement and Statement of changesin Equity dealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements complywith the Accounting Standards specified under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.

e) On the basis of written representations received from the directorsas on 31 March 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2021 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 overfinancial reporting of the company and the operating effectiveness of such controls referto our separate report in ‘Annexure B' to this report.

g) With respect to the other matters to be included in theAuditors' Report in accordance with Rule 11 of the Companies (Audit & Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

(i) The Standalone Financial Statements disclose the impact of pendinglitigations on the Financial position of the company. Refer to Note 25 and 26 theStandalone Financial Statements.

(ii) The Company did not have any long-term contracts includingderivatives contracts for which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

FOR APT & Co. LLP
Chartered Accountants
Firm Reg. No. 014621C/N500088
(Sanjeev Aggarwal)
Partner
Membership No. 501114
UDIN: 21501114AAAAHW9754
Place: New Delhi
Dated:02.06.2021

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date)

On the basis of such checks as we considered appropriate and accordingto the information and explanation given to us during the course of our audit we reportthat:

(i) The Company has no fixed assets hence the provisions of clauses3(ia) (b) & (c) of the order are not applicable to the Company.

(ii) According to the information and explanations given to us theCompany is Core Investment Company and its activities do not require it to hold anyinventories and hence reporting under clause (ii) of the Order is not applicable.

(iii) The Company has not granted any loans secured or unsecured tocompanies firms Limited Liability partnerships or other parties covered in the Registermaintained under section 189 of the Act. Accordingly the provisions of clause 3 (iii) (a)to (C) of the Order are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of section 185 and I86 of theCompanies Act 2013 in respect of loans investments guarantees and security.

(v) As per explanations and information given to us the Company hasnot accepted or renewed deposits from public during the year hence the provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act 2013 and theCompanies (Acceptance of Deposit) Rules 2015 with regard to the deposits accepted fromthe public are not applicable.

(vi) Having regard to the nature of the Company's business /activities reporting under clause (vi) of the Order is not applicable.

(vii) According to the information and explanations given to us inrespect of statutory dues and other dues.

a) The Company is generally regular in depositing with appropriateauthorities undisputed statutory dues including provident fund Income Tax GST cess andother material statutory dues applicable to it and there are no arrears as on 31 March2021 for period of more than six months from the date they became payable.

b) According to the information and explanation given to us there areno disputed statutory dues which have not been deposited.

(viii) In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in the repayment of dues to banks. The Companyhas not taken any loan either from financial institutions or from the government and hasnot issued any debentures.

(ix) Based upon the audit procedures performed and the information andexplanations given by the management the Company has not raised moneys by way of initialpublic offeror further public offer including debt instruments and term Loans during theyear or in recent past. Accordingly the provisions of clause 3 (ix) of the Order has notbeen commented upon.

(x) According to the information and explanation given to us no fraudby the company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

(xi) Based upon the audit procedures performed and the information andexplanations given by the management the managerial remuneration has been paid orprovided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Companies Act;

(xii) In our opinion the Company is not a Nidhi Company. Thereforethe provisions of clause 4 (xii) of the Order are not applicable to the Company.

(xiii) In our opinion all transactions with the related parties are incompliance with section 177 and 188 of Companies Act 2013 and the details have beendisclosed in the Standalone Financial Statements as required by the applicable accountingstandards.

(xiv) Based upon the audit procedures performed and the information andexplanations given by the management the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the yearunder review. Accordingly the provisions of clause 3 (xiv) of the Order are notapplicable to the Company and hence not commented upon.

(xv) Based upon the audit procedures performed and the information andexplanations given by the management the Company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly the provisions ofclause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.

(xvi) The Company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provisions of clause (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

FOR APT & Co. LLP
Chartered Accountants
Firm Reg. No. 014621C/N500088
(Sanjeev Aggarwal)
Partner
Membership No. 501114
UDIN: 21501114AAAAHW9754
Place: New Delhi
Dated:02.06.2021

"Annexure B" to the Independent Auditor's Report of evendate on the Standalone Financial Statements of Jindal Poly Investment and Finance CompanyLimited

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 Jindal Poly Investment and Finance Company Limited ("the Company")as of March 312021 in conjunction with our audit of the standalone financial statementsof the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting 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 safeguardingof its 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 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 judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls 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 the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 312021 based onthe 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 APT & Co. LLP
Chartered Accountants
Firm Reg. No. 014621C/N500088
(Sanjeev Aggarwal)
Partner
Membership No. 501114
UDIN: 21501114AAAAHW9754
Place: New Delhi
Dated:02.06.2021

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