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Jupiter Industries and Leasing Ltd.

BSE: 507987 | NSE: | Series: NA | ISIN: INE990E01016 | SECTOR: Finance - Leasing & Hire Purchase

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Jupiter Industries and Leasing is not traded on BSE in the last 30 days

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Jupiter Industries and Leasing is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2007 2006

Auditor's Report

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