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Notes to Accounts of Jupiter Industries and Leasing Ltd.

Mar 31, 2014

1. (a) Rights, preferences and restrictions attached to shares:

The Company has only one class of shares referred to as equity shares having a par value of Rs.10/- Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of the equity shares of the Company will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. a) Figures of the previous year have been regrouped / rearranged wherever necessary to confirm to those of the current year.

b) The Company was registered as Non Banking Financial Company with Reserve Bank of India. The Company is deregistered as per letter dated 28th June, 2013 from Reserve Bank of India as a Non Banking Financial Company.

c) Since company has no employee during the year, no provision in respect of any employees benefits has been made.

d) Bank Balances, Advances, Bank Loans, Deposits are subject to confirmation and reconciliation.

e) In the opinion of the Board, subject to notes in earlier clauses, current assets and loans and advances are approximately of the value stated, if realised, in the ordinary course of business and provision for all known liabilities has been made.

f) Segment reporting as defined in Accounting Standard 17 is not applicable since no business is carried on.

g) Expenditure in Foreign Currency, Earning in Foreign Exchange, Remittances in Foreign Currency, Import on CIF basis Nil (March 31,2013 : Nil)

(h) There is no business activity carried out by the company. The company does not forsee any prospect of carrying out business during near future. There is uncertantity as to the claiming any business loss or depreciation for the purpose of income tax and hence no deferred tax asset is provided in books.


Mar 31, 2013

1) The company is having Cash Credit / OD A/c. and HP LHV A/c. with Canara Bank. These accounts are outstanding for number of years and the company is in default in making the payment of principal and interest thereon.

2) The bank has filed the suit against the company with Mumbai Debt Recovery Tribunal. The Company has not provided interest aggregating to Rs. 5,89,71,480/- (March 31, 2012 Rs.4,76,72,250/-) on bank borrowing in terms of the order of the Mumbai Debts Recovery Tribunal-1 dated 08th October, 2002.

3) The bank loans are not covered by Securities and hence they are shown under the "Unsecured Loans".

4) No confirmations or any documents are available to verify the amount outstanding as at the balance sheet date and hence are taken subject to confirmation and reconciliation and as per earlier accounts.

5) Since the claim in respect of the same has already been made before the Tribunal, the same are shown under the "Short Term Borrowings".

Deposits with BEST of Rs. 33, 240 (March 31 , 2012 Rs.33,240/-) and Sales Tax Advance of Rs.5,000 (March 31, 2012 Rs.5,000/-) are considered to be recoverable though no confirmation in respect of the same is available.

1) The amounts lying in the current accounts with Canara Bank amounting to Rs. 19,399/- is subject to confirmation from the bank. These amounts are lying for more than 12 months and are not confirmed by the bank.

2) Deposits with sales tax department of Rs.7,000/- is subject to confirmation.

During the year the company has given a short term loan of Rs.3,58,400 (March 31, 2012 : Nil) to a relative of a director. Outstanding balance of the said loan at year end is Rs.Nil (March 31, 2012 : Nil)

During the last year, total Fixed Assets given on lease were not having any value in use and were not generating any cash. The company did not have possession of the said assets and also did not have any information about the existence or value in use. The lease assets were very old, hence the management had written off / impaired the assets.

a) Figures of the previous year have been regrouped / rearranged wherever necessary to confirm to those of the current year.

b) The Company was registered as Non Banking Financial Company with Reserve Bank of India. The company has applied to Reserve Bank of India to remove from list of Non Banking Financial Company. However, the company is awaiting deregistration from Reserve Bank of India.

c) Since company has no employee during the year, no provision in respect of any employees benefits has been made.

d) Bank Balances, Advances, Bank Loans, Deposits are subject to confirmation and reconciliation.

e) In the opinion of the Board, subject to notes in earlier clauses, current assets and loans and advances are approximately of the value stated, if realised, in the ordinary course of business and provision for all known liabilities has been made.

f) Segment reporting as defined in Accounting Standard 17 is not applicable since there is only one business segment.

g) Expenditure in Foreign Currency, Earning in Foreign Exchange,

Remittances in Foreign Currency, Import on CIF basis Nil (March 31, 2012 : Nil)

(h) The carrying value of Deferred Tax Liability of Rs.12,98,410/- was written off in the previous year 2011-12. The management considered the said written off is an exceptional / extraordinary items arisen on account not given effect in the earlier year and carried forward from year to year.

(i) There is no business activity carried out by the company. The company do not for see any prospect of carrying out any business during near future. There is un certantity as to the claiming any business loss or depreciation for the purpose of income tax and hence no deferred tax asset is provided in books.


Mar 31, 2012

(a) Rights, preferences and restrictions attached to shares

The Company has only one class of shares referred to as equity shares having a par value of Rs.107- Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company.the holders of the equity shares of the Company will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts.However, no such preferential amounts exist currently.The distribution will be in proportion to the number of equity shares held by the shareholders.

The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2012 and March 31, 2011, is set out below :

1) The company is having Cash Credit / OD A/c. and HP LHV A/c. with Canara Bank. These accounts are outstanding for number of years and the company is in default in making the payment of principal and interest thereon.

2) The bank has filed the suit against the company with Mumbai Debt Recovery Tribunal. The Company has not provided interest aggregating to Rs. 4,76,72,250/- (March 31, 2011 Rs.3,81,97,152/-) on bank borrowing in terms of the order of the Mumbai Debts Recovery Tribunal-1 dated 08th October, 2002.

3) The bank loans are not covered by Securities and hence they are shown under the "Unsecured Loans".

4) No confirmations or any documents are available to verify the amount outstanding as at the balance sheet date and hence are taken subject to confirmation and reconciliation and as per last audited balance sheet.

5) Since the claim in respect of the same has already been made before the Tribunal, the same are shown under the "Short Term Borrowings:.

1) All the Tangible Assets of the company were given on lease long back. No confirmation has been received from any of the party to whom assets were given on lease.

2) None of the fixed assets have been revalued in the past or current year.

3) Depreciation on Fixed Asset leased out has been provided on straight line method at the rate prescribed in schedule XIV of the companies act 1956 on pro rata basis which is not according to the Prudential Norms (Reserve Bank) Direction 1998 appliable to N B F C.

4) The company has not followed the prudential norms relating to assets classification and provision for lease equilisation adjustment and termination terms.

5) Considering that there is no useful life of the assets and having no income earning capacity, assets have been impaired fully during the year. No depreciation has been provided during the year since the assets were considered impaired in the beginning of the year.

1) Upto 31st March 2011, depreciation on Fixed Assets leased out has been provided on Straight Line Method at the rate prescribed in Schedule XIV of the Companies Act, 1956 on pro rata basis with reference to actual month of purchase / installation / sale, which is not according to Prudential Norms (Reserve Bank) Direction, 1998 applicable to NBFC .

2) During the year, no depreciation has been provided on the assets since the assets were not having any value in use and was not generating any cash. The company does not have possession of the assets nor having any information about the existance of the assets or their value in use. The lease assets are very old , hence the manangement has decided to write off/impaire the assets.

6. Other Notes

a) Figures of the previous year have been regrouped / rearranged wherever necessary to confirm to those of the current year.

b) The Company is not following the NBFC Prudential Norms in respect of assets given on Lease. The company used to account all the assets given on finance lease as an asset in the books and charged depreciation on the said assets as per the rateprescribed in the Schedule XIV of the Companies Act. During the year the has management considered the impact of not following the said norms and also written off the entire fixed assets as impairment of assets. In view of the management.considering the impairment of assets there is no significant impact on financial statement as on 31st March, 2012 by not following the prudential norms.

c) Since company has no employee during the year, no provision in respect of any employees benefits has been made.

d) Bank Balances, Advances, Bank Loans, Deposits are subject to confirmation and reconciliation.

e) In the opinion of the Board, subject to notes in earlier clauses, current assets and loans and advances are approximately of the value stated, if realised, in the ordinary course of business and provision for all known liabilities has been made.

f) Segment reporting as defined in Accounting Standard 17 is not applicable since there is only one business segment.

g) Expenditure in Foreign Currency, Earning in Foreign Exchange, Remittances in Foreign Currency, Import on CIF basis Nil (March 31, 2011 : Nil)


Mar 31, 2011

1. The figures of previous year have been re-grouped/re-arranged wherever necessary to confirm to those of the current year.

2. Since the Company has no employees during the year under review, no provision for gratuity is made in the accounts.

3. The bank loans which are not covered by adequate securities are shown under Unsecured Loans and are subject to confirmation and reconciliation. The company has not accounted claims payable as per the order directed by the Mumbai Debt Recovery Tribunal in the year 2002-03,amounting to Rs. 492.17 lakhs (Rs.421.01 lakhs) as on 31st March, 2011 and the same will be accounted in the books on payment basis.

4. The Company was required to provide depreciation by way of lease equalisation adjustment & termination account as per prudential norms relating to assets classification and had the Company followed prudential norms, depreciation amounting to Rs.99.80 lakhs ( Rs.99.80 lakhs) would have been transferred to lease equalisation adjustment account.

5. Sundry Debtors, Loans and Advances and Unsecured Loans are subject to confirmation and reconciliation.

6. Auditor's Remuneration:

Current Year Previous Year Rupees Rupees Payment to Auditors: For Audit Fees (inclusive of service tax) 6,618 6,618

7. In accordance with Accounting Standard AS-22 issued by the Institute of Chartered Accountants of India the Company has not accounted for net deferred tax asset on account of unabsorbed depreciation/carry forward losses and the same will be reviewed and recognized at each balance sheet date on a conservative basis as a matter of prudence.

8. Since the Company has no business activity, segment report in accordance with Accounting Standard AS17 is not provided.

9. In the Opinion of the Board, subject to notes in earlier clauses, current assets and loans and advances are approximately of the value stated, if realised, in the ordinary course of business and provision for all known liabilities including depreciation has been adequately made.


Mar 31, 2010

1. The figures of previous year have been re-grouped/re-arranged wherever necessary to confirm to those of the current year.

2. Since the Company has no employees during the year under review, no provision for gratuity is made in the accounts.

3. The bank loans which are not covered by adequate securities are shown under Unsecured Loans arid are subject to confirmation and reconciliation. The company has not accounted claims payable as per the order directed by the Mumbai Debt Recovery Tribunal in the year 2002-03, amounting to Rs.421.01 lakhs (Rs.333.10 lakhs) as on 31st March, 2010 and the same will be accounted in the books on payment basis.

4. The Company was required to provide depreciation by way of lease equalisation adjustment & termination account as per prudential norms relating to assets classification and had the Company followed prudential norms, depreciation amounting to Rs.99.80 lakhs (Rs.99.80 lakhs) would have been transferred to lease equalisation adjustment account.

5. Sundry Debtors, Loans and Advances and Unsecured Loans are subject to confirmation and reconciliation.

6. In accordance with Accounting Standard AS-22 issued by the Institute of Chartered Accountants of India the Company has not accounted for net deferred tax asset on account of unabsorbed depreciation/carry forward losses and the same will be reviewed and recognized at each balance sheet date on a conservative basis as a matter of prudence.

7. Since the Company has no business activity, segment report in accordance with Accounting Standard AS17 is not provided.

8. In the Opinion of the Board, subject to notes in earlier clauses, current assets and loans and advances are approximately of the value stated, if realised, in the ordinary course of business and provision for all known liabilities including depreciation has been adequately made.









 
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