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Jupiter Industries and Leasing | Auditor's Report > Finance - Leasing & Hire Purchase > Auditor's Report from Jupiter Industries and Leasing - BSE: 507987, NSE: N.A
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Jupiter Industries and Leasing

BSE: 507987|ISIN: INE990E01016|SECTOR: Finance - Leasing & Hire Purchase
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Jupiter Industries and Leasing is not listed on NSE
Mar 13
Auditor's Report (Jupiter Industries and Leasing) Year End : Mar '14
We have audited the accompanying financial statements of Jupiter
 Industries and Leasing Limited (the Company), which comprise the
 Balance Sheet as at March 31, 2014, the Statement of Profit and Loss
 and Cash Flow Statement for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the Accounting Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (the Act) read with the General Circular
 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
 in respect of Section 133 of the Companies Act, 2013 and in accordance
 with the accounting principles generally accepted in India. This
 responsibility includes the design, implementation and maintenance of
 internal control relevant to the preparation and presentation of the
 financial statements that give a true and fair view and are free from
 material misstatement, whether due to fraud or error.
 
 Auditors'' Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances, but not for the
 purpose of expressing an opinion on the effectiveness of the Company''s
 internal control. An audit also includes evaluating the appropriateness
 of accounting policies used and the reasonableness of the accounting
 estimates made by management, as well as evaluating the overall
 presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our qualified audit opinion.
 
 Basis for Qualified Opinion
 
 The company has not provided interest agreegating to Rs.7,24,46,021/-
 on Bank Borrowings in terms of the order of Mumbai Debts Recovery
 Tribunal and non confirmation of the accounts from the Bank.
 
 Qualified Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, except for effects of the matters described
 in the Basis for Qualified Opinion paragraph, and based on the Emphasis
 of Matter on the financial statements give the information required by
 the Act in the manner so required and give a true and fair view in
 conformity with the accounting principles generally accepted in India:
 
 a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31,2014;
 
 b) in the case of the Statement of Profit and Loss, of the loss for the
 year ended on that date; and
 
 c) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Emphasis of Matter
 
 a) Attention is invited to Note No. 1(c) to the Financial Statements,
 indicating that the accounts of the company have been prepared on the
 basis that the company is a going concern although the ability of the
 company to continue its operation in the forseeable future is dependent
 on the financial position of the company. Our opinion is not qualified
 in respect of the matter.
 
 Report on other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of Section
 227 (4A) of the Act, we give in the Annexure a statement on the matters
 specified in paragraphs 4 and 5 of the Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a) We have obtained all the information and explanations which 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 been
 kept by the Company so far as appears from our examination of those
 books
 
 c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account.
 
 d) In our opinion, the Balance Sheet, the Statement of Profit & Loss,
 and the Cash Flow Statement comply with the Accounting Standards
 notified under the Act read with the General Circular 15/2013 dated
 13th September, 2013 of the Ministry of Corporate Affairs in respect of
 Section 133 of the Companies Act, 2013.
 
 e) On the basis of written representations received from the directors
 as on March 31, 2014, taken on record by the Board of Directors, none
 of the directors is disqualified as on March 31, 2014, from being
 appointed as a director in terms of Section 274(1 )(g) of the Companies
 Act.
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 Refer to in paragraph Report on other Legal and Regulatory
 Requirements above of the Auditor''s Report of even date to the members
 of Jupiter Industries and Leasing Limited on the financial statements
 of the company for the year ended 31st March 2014. We report that: 
 
 1.  The company is not having any fixed assets, hence clauses 4(i)(a),
 4(i)(b) and 4(i)(c) of the order are not applicable to the company for
 current year.
 
 2.  There was no inventory during the year hence clauses 4(1)(ii)(a),
 4(ii)(b) and 4 (ii)(c) of the order are not applicable to the company
 for current year.
 
 3.  a) The Company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under Section 301 of the companies Act, 1956.
 
 Since no loan has been granted, hence clauses 3 (b) and 3 (c) are not
 applicable.
 
 4.  a) The Company has taken unsecured loan/deposit from one party
 covered in the register maintained under Section 301 of the Companies
 Act 1956. The maximum amount involved during the year and the year end
 balance of such loans aggregates to Rs. 24,86,083/- and Rs.24,86,083/-
 respectively.
 
 b) In our opinion and according to the information and explanation
 given to us, the Nil rate of interest and other terms and conditions on
 which loan has been taken by the company are not, prima facie,
 prejudicial to the interest of the Company.
 
 c) In respect of the aforesaid loan, there is no stipulation in respect
 of time of repaying of the principal amounts.
 
 d) According to the information and explanations provided to us there
 is no overdue amounts payable in respect of such loan.
 
 5.  In our opinion and according to the information and explanation
 given to us, there is adequate internal control system commensurate
 with the size of the Company and the nature of its business. There is
 no purchase of inventory and fixed asset nor sale of goods and
 services. During the course of our audit, no major weakness has been
 noticed in the internal control system.
 
 6.  a) According to the information and explanation given to us and
 based on the audit procedures applied by us, we are of the opinion that
 the transactions that need to be entered into the register maintained
 under section 301 have been so entered.
 
 b) In our opinion and according to the information and explanations
 given to us, there have been no transactions made in pursuance of such
 contracts or arrangements exceeding the value of rupees five lakhs in
 respect of any party during the year.
 
 7.  We have been informed that the Company was registered with Reserve
 Bank of India as Non Banking Finance Companies. During the year, the
 Company is deregistered as per letter dated 23rd June, 2013 from
 Reserve Bank of India as a Non Banking Financial Company to the Reserve
 Bank of India.
 
 In our opinion and according to the information and explanations given
 to us, the Company has not accepted deposits from the public and
 therefore, the provisions contained in Sections 58A, 58AA or any other
 relevant provisions of the Act and Rules framed thereunder are not
 applicable to the Company.
 
 We have been informed that, no order has been passed by Company Law
 Board or National Company Law Tribunal or Reserve Bank of India or any
 other Court or Tribunal in this regard.
 
 8.  The Company has no internal audit system.
 
 9.  According to the information and explanation given to us and to the
 best of our knowledge, the Central Government has not prescribed
 maintenance of cost records under section 209 (1)(d) of the Companies
 Act, 1956 for the products of the Company.
 
 10.  According to the information and explanations given to us, the
 Company is regular in depositing undisputed statutory dues including
 Provident Fund, Employees'' State Insurance, Income-tax, Sales-tax,
 Wealth-tax, Customs Duty, Excise Duty, Cess and other statutory dues
 with appropriate authorities wherever applicable. According to the
 information and explanations given to us, there are no undisputed
 amounts payable in respect of such statutory dues which have remained
 outstanding as at 31st March, 2014 for a period more than six months
 from the date they became payable.
 
 11.  The Company has accumulated losses exceeding fifty percent of its
 net worth. The Company has incurred cash losses in the current
 financial year and also in the immediately preceding financial year.
 
 12.  In our opinion and according to the information and explanations
 given to us, the Company has defaulted in repayment of due to bank. The
 detail of period and amount of default as ascertained by management is
 as follows:
 
 Name of Bank           Principal Amount    Interest Accured and due
 
 Canara Bank, Marine      12,352,692/-             72,446,021/-
 Lines , Mumbai
 
 Name of Bank              Period to which it relates
 
 Canara Bank, Marine       31st of December, 2002 to
 Lines , Mumbai              31st of March, 2014
 
 13.  The Company has not granted any loans or advances on the basis of
 security by way of pledge of shares, debentures or other securities.
 
 14.  In our opinion and according to the information and explanations
 given to us, the nature of activities of the Company does not attract
 any special statute applicable to chit fund and nidhi/mutual benefit
 fund/societies.
 
 15.  The Company is not dealing or trading in shares, securities,
 debentures or other investments and hence, the requirements of Para 4
 (xiv) are not applicable to the Company.
 
 16.  According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks or financial institutions.
 
 17.  The Company has not taken any term loan during the year.
 
 18.  The Company has not raised any short term / long term fund during
 the year.
 
 19.  The Company has not made any preferential allotment of shares to
 parties or companies covered in the register maintained under section
 301 of the Companies Act, 1956.
 
 20.  No debentures have been issued by the Company and hence, the
 question of creating securities in respect thereof does not arise.
 
 21.  The Company has not raised any money through a public issue during
 the year.
 
 22.  During the course of our examination of the books of account and
 records of the Company carried out in accordance with the generally
 accepted auditing practices in India and according to the information
 and explanations given to us, we have neither come across any instances
 of material fraud on or by the Company, noticed or reported during the
 year, nor have we been informed of such cases by management.
 
                                        For A. B Modi & Associates
                                        Chartered Accountants
                                        Firm Registration Number 106473W
 
                                        (Rajesh S. Shah)
                                        Partner
                                        Membership Number 17844
 
 Place : Mumbai
 Date : 30th May, 2014
Source : Dion Global Solutions Limited
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