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Jonjua Overseas Ltd.

BSE: 542446 Sector: IT
NSE: N.A. ISIN Code: INE793Z01027
BSE 00:00 | 21 Jan 19.68 0.93
(4.96%)
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NSE 05:30 | 01 Jan Jonjua Overseas Ltd
OPEN 19.68
PREVIOUS CLOSE 18.75
VOLUME 14755
52-Week high 84.13
52-Week low 10.03
P/E 16.54
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.68
CLOSE 18.75
VOLUME 14755
52-Week high 84.13
52-Week low 10.03
P/E 16.54
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jonjua Overseas Ltd. (JONJUAOVERSEAS) - Auditors Report

Company auditors report

To

The Members

Jonjua Overseas Limited

Report on the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofJonjua Overseas Limited ("the Company") which comprises the Balance Sheet as atMarch 31 2021 the Statement of Profit and Loss (including Other Comprehensive Income)the Cash Flow Statement and the Statement of Changes in Equity for the year then endedand a summary of significant accounting policies and other explanatory information.(Hereinafter referred to as "the standalone financial statements").

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 March 31 2021the profit and total comprehensive income changes in equity and its cash flows for theyear ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SA's) specified under Section 143(10) ofthe Act. Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made there under and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report:

S.No. Key Audit Matter Auditor's Response
1. Revenue Recognition Principal Audit Procedures
We assessed the Company's processes to identify the impact of adoption of the new revenue accounting standard. Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows:
• Evaluated the design of internal controls relating to implementation of the new revenue accounting standard.
• Selected a sample of continuing and new contracts and tested the operating effectiveness of the internal control relating to identification of the distinct performance obligations and determination of transaction price. We carried out a combination of procedures involving enquiry and observation performance and inspection of evidence in respect of operation of these controls. • Tested the relevant information technology systems' access and changed management controls relating to contracts and related information used in recording and disclosing revenue in accordance with the new revenue accounting standard.
• Selected a sample of continuing and new contracts and performed the following procedures:
a) Read analyzed and identified the distinct performance obligations in these contracts.
b) Compared these performance obligations with that identified and recorded by the Company.
c) Considered the terms of the contracts to determine the transaction price including any variable consideration to verify the transaction price used to compute revenue and to test the basis of estimation of the variable consideration.
d) Samples in respect of revenue recorded for time and material contracts were tested using a combination of approved time sheets including customer acceptances subsequent invoicing and historical trend of collections and disputes.
e) Tested the provision calculations related to management incentives discounts and rebates by agreeing a sample of amounts recognized to underlying arrangements with customers and other supporting documents.
f) Obtained Confirmations from customers on sample basis to support existence assertion of trade receivables and assessed the relevant disclosures made in the financial statements; to ensure revenue from contracts with customers are in accordance with the requirements of relevant accounting standards.
2. Evaluation of uncertain tax positions - The Principal Audit Procedures
Obtained details of completed tax assessments and demands for the year ended March 31 2021 from management. There is no pending tax dispute.
Company has no material uncertain tax positions.

Emphasis of Matters

Without qualifying our opinion we draw attention to the followingmatters in the Notes to the Financial Statements:

a) The company has no amount due with respect to Micro Small andMedium Enterprises and accordingly the disclosures requirements under the MSMED Act 2006are provided to the extent of information received from the management. (Refer Note No. 15of the Financial Statements)

Information Other Than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for the preparation ofthe other information. The other information comprises the information included in theManagement Discussion and Analysis Director's Report including Annexure(s) to Director'sReport Business Responsibility Report Corporate Governance and Shareholder'sInformation but does not include the standalone financial statements and our Auditor'sReport thereon.

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

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially 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.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; 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 standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. The Board of Directors areresponsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone 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 controls 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 management.

• Conclude on the appropriateness of management's 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 standalone 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 conditions maycause 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 financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of 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.

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 precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our Report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. 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 havebeen kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss including OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Standalone Financial Statementscomply with the Indian Accounting Standards specified under section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

(e) On the basis of written representations received from the directorsas on March 31 2019 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2019 from being appointed as a director in terms of section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure A". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.

(g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

1. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone Ind AS financial statements to the standalone Ind ASfinancial statements (NIL - Litigation);

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts.

iii. There has been no delay in transferring amounts and equity sharesrequired to be transferred to the Investor Education and Protection Fund by the Company(No amount due).

2. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

Date :24/05/2021. For Jain & Associates
Place : Panchkula. Chartered Accountants
F.R.N.: 001361 N
CA KRISHAN MANGAWA
PARTNER
M. No. 513236

Annexure ‘A' to the Independent Auditor's Report

(Referred to in paragraph 1(f) under 'Report on Other Legal andRegulatory Requirements' section of our report to the Members of Jonjua OverseasLimited of even date).

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of Jonjua Overseas Limited ("the Company") as of March 31 2020 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for the Internal Financial Controls

The Board of Directors of the Company is responsible for establishingand maintaining 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 respective company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable 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 as specified undersection 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 standalone Ind AS financial statements whether dueto 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 internal financial controlssystem 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 authorization 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.

Limitations of Internal Financial Controls Over Financial Reporting

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 and to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2019 based on theinternal control over financial reporting criteria established by the respective companiesconsidering 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.

Date :24/05/2021. For Jain & Associates
Place : Panchkula. Chartered Accountants
F.R.N.: 001361 N
CA KRISHAN MANGAWA
PARTNER
M. No. 513236

Annexure ‘B' to the Independent Auditor's Report

(Referred to in paragraph 2 under 'Report on Other Legal andRegulatory Requirements' section of our report to the Members of Jonjua OverseasLimited Limited of even date)

i. In respect of the Company's fixed assets:

a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of property plant and equipment.

b) According to information and explanations given by the managementthe company has a program of physical verification of property plant and equipment tocover all the items in a phased manner over a period of three years. In accordance withthis program certain property plant and equipment were physically verified by theManagement during the year and no material discrepancies were noticed on suchverification. In our opinion this periodicity of physical verification is reasonablehaving regard to the size of the Company and the nature of its assets.

c) According to information and explanations given by the managementthe title deeds of immovable properties included in fixed assets are held in the name ofthe Company.

ii. As explained to us the inventories excluding stocks with some ofthe third parties were physically verified during the year by the management atreasonable intervals and no material discrepancies were noticed on physical verification.In respect of inventories lying with third parties these have substantially beenconfirmed by them.

iii. According to information and explanations given to us the Companyhas not granted loans secured or unsecured during the year to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013 and hence reporting under Accordingly paragraph 3 (iii)of the Order is not applicable.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of section 185 and 186 of theAct in respect of loans investments guarantees and security made.

v. The Company has not accepted deposits during the year and does nothave any unclaimed deposits as at March 31 2020 and therefore the provisions of theclause 3 (v) of the Order are not applicable to the Company.

vi. The Company is required to maintain cost records under section148(1) of the Companies Act 2013 for the products of the company and according to theinformation and explanations given to us we are of the opinion that prima facie thespecified accounts and records have been made and maintained.

vii. According to information and explanations given to us in respectof Statutory Dues;

(a) The Company is regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund income-tax sales-tax service taxcustoms duty excise duty value added tax cess and other material statutory duesapplicable to it though there have been slight delays in few cases.

(b) There were no undisputed amounts payable in respect of providentfund income-tax Goods and Services Tax service tax sales-tax duty of custom duty ofexcise value added tax cess and other material statutory dues were outstanding at theyear end for a period of more than six months from the date they became payable.

(c) According to the records of the Company there are no duesoutstanding on account of income-tax Goods and Services Tax sales-tax service tax dutyof custom duty of excise value added tax and cess.

viii. The Company has not taken any loans or borrowings from financialinstitutions banks and government or has not issued any debentures. Hence reporting underclause 3 (viii) of the Order is not applicable to the Company.

ix. In our opinion and according to the information and explanationsgiven to us the Company did raise money by way of initial public offer or further publicoffer (including debt instruments). The term loans availed by the company during the yearhave been applied for the purpose for which it has been availed.

x. According to the information and explanations given by themanagement we report that no fraud by the Company or no fraud on the Company by theofficers and employees of the Company has been noticed or reported during the year.

xi. According to the information and explanations give to us and basedon our examination of the records of the Company the Company has paid/ providedmanagerial remuneration within limits under section 197 read with Schedule V to the Act.

xii. In our opinion the Company is not a Nidhi company. Therefore theprovisions of clause 3(xii) of the Order are not applicable to the Company and hence notcommented upon.

xiii. According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the standalone Ind AS financialstatements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us theCompany has not issued shares under preferential allotment during the year. Therefore theprovisions of clause 3(xiv) of the Order are not applicable to the Company and hence notcommented upon.

xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable.

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 3 (xvi)of the Order are not.

Date :24/05/2021. For Jain & Associates
Place : Panchkula. Chartered Accountants
F.R.N.: 001361 N
CA KRISHAN MANGAWA
PARTNER
M. No. 513236
UDIN: 21513236AAAAJO1626

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