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Jupiter Industries & Leasing Ltd.

BSE: 507987 Sector: Financials
NSE: N.A. ISIN Code: INE990E01016
BSE 00:00 | 10 Jun Jupiter Industries & Leasing Ltd
NSE 05:30 | 01 Jan Jupiter Industries & Leasing Ltd
OPEN 3.30
PREVIOUS CLOSE 3.30
VOLUME 100
52-Week high 4.06
52-Week low 3.30
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.30
CLOSE 3.30
VOLUME 100
52-Week high 4.06
52-Week low 3.30
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jupiter Industries & Leasing Ltd. (JUPITERINDS) - Auditors Report

Company auditors report

TO THE MEMBERS

To

The Members of

Jupiter Industries and Leasing Limited Opinion

We have audited the standalone Ind AS financial statements of Jupiter Industries andLeasing Limited (‘the Company') which comprise the Balance Sheet as at March 312020 the Statement of Profit and Loss including the statement of Other ComprehensiveIncome the Cash Flow Statement and the statement of Changes in Equity for the year thenended and notes to the financial statements including a summary of significant accountingpolicies and other explanatory information..

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2020 its loss including other comprehensive income its cash flowsand the changes in equity for the year ended on that date.

Basis for opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the 'Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Standalone Ind AS financial statements.

Key Audit Matters

We have determined that there are no key audit matters to communicate in our report.

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

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual report 2019-20 but does notinclude the Standalone Ind AS financial statements and our auditor's report thereon.

Our opinion on the Standalone Ind AS 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 standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the standalone Ind AS financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management for Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Standalone Ind AS 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 accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under section 133 of the Act read with [theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of Ind AS Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone financial statements.

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

• Identify and assess the risks of material misstatement of the Standalonefinancial 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 the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

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

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

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

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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone Ind AS financialstatements forthe financial year ended March 31 2019 and are therefore the key auditmatters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Basis for Qualified Opinion

We draw your attention to Note no 2(b) in respect of going concern and Note No. 13 tothe financial statements that the Company has accumulated losses of Rs.28032738/-(Previous Year Rs.26934562/-) resulting into negative net worth of Rs. 18032738/-(Previous Year Rs. 16934562-). The Company's current liabilities exceed its currentassets by Rs. 18032738/- (Previous Year Rs. 16934562/-) as on date. Further there iscumulative interest liability of Rs.703467640 (Previous year Rs.587720196/- on theoutstanding amount payable to Canara bank who assigned the debt to a private party viz.Green Malabar Finance Ventures Limited who thereafter assigned the said debt to one CapriGlobal Capital Limited who further assigned the said debt to one Alchemist AssetReconstruction Company Limited as trustee for the Alchemist XXXVI Trust for whichprovision is not made in the books of accounts from 1997 till date. The turnover(excluding other income) during the year ended March 31 2020 is Rs. 5220/- (PreviousYear Rs. Nil). These factors along with other matters as set forth in the said notes raisedoubts that the Company will be able to continue as a going concern. The accounts of theCompany have been prepared on the basis that the Company is a going concern although theability of the Company to continue its operation in the near foreseeable future isdependent on the financial position of the Company. In view of the above uncertainties weare unable to comment on the ability of the Company to continue as ‘going concern'and the consequential adjustments to the accompanying financial statements if any thatmight have been necessary had the financial statements been prepared under liquidationbasis.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion section of our report the aforesaid Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including the IndAS of the state of affairs of the Company as at March 31 2020 its loss (including othercomprehensive loss) cash flows and changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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 ofthe Companies Act 2013 we give in the ‘Annexure A' a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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

We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit;

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

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

(d) In our opinion the aforesaid Standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 from being appointed as a director in terms of Section 164 (2) of theAct;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these standalone Ind AS financial statementsand the operating effectiveness of such controls refer to our separate Report in"Annexure B"; Our report expresses an unmodified opinion on the adequacy andoperating effectiveness of the Company's internal financial controls over financialreporting;

(g) No managerial remuneration has been paid for the year ended March 31 2020;

(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as at March 31 2020 onits financial position in its Ind AS financial statements - Refer Note 9 to the financialstatements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Tolia & Associates
Chartered Accountants
ICAI Firm Registration Number: 111017W
Kiran P. Tolia
Proprietor
Membership Number. 043637
Place: Mumbai UDIN: 20043637AAAABZ6102
Date : June 22 2020

Annexure A referred to in Report on Other Legal and Regulatory Requirements of ourreport of even date to the shareholders of Jupiter Industries and Leasing Limited

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

1. The Company is not having any fixed assets. Accordingly the provisions of clause3(i)(a) 3(i)(b) & 3(i)(c) of the Order are not applicable.

2. The Company does not own any inventory. Accordingly the provisions of clause 3(ii)of the Order are not applicable.

3. The Company has not granted any loan secured / unsecured loans to any parties whichis covered in the register maintained under Section 189 of the Act. Accordingly theprovisions of clauses 3(iii)(a) 3(iii)(b) & 3(iii)(c) of the Order are notapplicable.

4. The Company has not given any loans guarantees and security. Accordingly theprovisions of clause 4 of the Order are not applicable.

5. a) The Company has not accepted any deposits and therefore the directives issued bythe Reserve Bank of India and

the provisions of sections 73 to 76 or any other relevant provisions of the Act and therules framed there under are not applicable.

b) No order has been passed by Company Law Board or National Company Law Tribunal orReserve Bank of India or any court or any other tribunal against the Company. Accordinglythe provisions of clause 5 (b) of the Order are not applicable.

6. The maintenance of cost records has not been prescribed by the Central Governmentunder section (1) of section 148 of the Act for the activities of the Company.

7. a) Undisputed statutory dues in respect of income tax and other material statutorydues if any have generally been

regularly deposited by the Company. There were no arrears of outstanding dues as at thelast day of the financial year concerned for a period of more than six months from thedate they became payable. No disputed amounts payable in respect of income tax wasoutstanding as at the last day of the financial year other than as disclosed in thefinancial statements.

b) No amount is required to be transferred to investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesmade there under.

8. The Company has defaulted in borrowings from Canara bank who assigned the debt to aprivate party viz. Green Malabar Finance Ventures Limited who thereafter assigned thesaid debt to one Capri Global Capital Limited who further assigned the said debt to oneAlchemist Asset Reconstruction Company Limited as trustee for the Alchemist XXXVI Trust.The details are as follows:

Particulars Amount as per recovery certificate Interest for the period from 10.09.1997 to 31.03.2020
Alchemist ARC as trustee for the Alchemist XXXVI Trust 13607135/- 703467640/-

9. The Company has not raised any initial public officer or further public offer(including debt instruments) and term loan during the year. Accordingly the provisions ofClause 3(ix) of the Order are not applicable to the Company.

10. No fraud by the Company or any fraud on the Company by its officers or employeeshas been noticed or reported during the year.

11. The company has not paid/ provided managerial remuneration during the year.Accordingly provisions of Clause 3(xi) of the Order are not applicable.

12. The Company is not a Nidhi Company. Accordingly the provisions of clause 12 of theOrder are not applicable.

13. All transactions with related parties are in compliance with section 177 andsection 188 of the Act and the details have been disclosed in the financial statements asrequired by the applicable accounting standards.

14. The Company has not made preferential allotment or private placement of shares orfully or partly paid convertible debentures. Accordingly the provisions of clause 14 ofthe Order are not applicable.

15. The Company has not entered into non-cash transactions covered by section 192 ofthe Act with directors or persons connected with them. Accordingly the provisions ofclause 15 of the Order are not applicable.

16. The Company is not required to be registered under section 45 IA of the ReserveBank of India Act 1934. Accordingly the provisions of clause 16 of the Order are notapplicable.

For Tolia & Associates
Chartered Accountants
ICAI Firm Registration Number: 111017W
Kiran P. Tolia
Proprietor
Membership Number. 043637
Place : Mumbai UDIN: 20043637AAAABZ6102
Date : June 22 2020

Annexure B to the Auditors' Report

(Referred to in paragraph 2 (f) under 'Report on other legal and regulatoryrequirements' section of our report to the Members of Jupiter Industries and LeasingLimited of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

We have audited the internal financial controls over financial reporting of JupiterIndustries and Leasing Limited ("the Company") as of March 31 2020 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 management is responsible for establishing and maintaining internalfinancial controls 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 Reporting(GNAIFC) issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the GNAIFC and the Standards on Auditing issued by ICAI and deemed to be prescribedunder section 143(10) ofthe Act to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe ICAI.

Those Standards and the GNAIFC require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacyofthe internal financial controls system over financial reporting and their operatingeffectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgments including the assessment ofthe risks of materialmisstatement ofthe financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles.

A Company's internal financial control over financial reporting includes those policiesand procedures that:

i. pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions ofthe assets ofthe Company;

ii. provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures ofthe Company are being made only inaccordance with authorisations of management and directors ofthe Company; and

iii. provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation ofthe internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion 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 2020 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the GNAIFC issued by the ICAI.

For Tolia & Associates

Chartered Accountants ICAI Firm Registration Number: 111017W

Kiran P. Tolia
Proprietor
Membership Number. 043637
UDIN: 20043637AAAABZ6102
Place : Mumbai
Date : June 22 2020

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