Notes to Accounts of Jupiter Industries and Leasing Ltd.

Mar 31, 2024

(f) Provisions, Contingent Liabilities & Contingent Assets:

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, and it is
probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount of the
obligation can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure
expected to settle the obligation.

All provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the
obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations,
whose existence will only be confirmed by the occurrence or non-occurrence of one or more future uncertain events not wholly
within the control of the company, are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is
remote.

Contingent Assets are not recognised in the financial statements. However, when the realisation of income is virtually certain, then
the related asset is not a contingent asset and its recognition is appropriate.

i) The Company had availed Cash Credit / OD A/c and HP LHV A/c facilities from Canara Bank, New Marine Lines Branch, Mumoai.
These accounts were outstanding for a number of years and the Company had defaulted in making payment to the said bank. The
Hon''ble Mumbai Debts Recovery Tribunal No. 1. (''the Tribunal'') vide its order in O.A. No. 1768 of 2000 determined a sum of
Rs. 135.07 lakhs inclusive of principal and interest as due from the Company and directed the Company to pay the said dues along
with future interest @18 % p.a. with quarterly rests from the date of filing of the application i.e. from September 10, 1997 till
realisation of the amount.

ii) Thereafter, Canara Bank vide Assignment Agreement dated September 29, 2017 assigned the debt payable by the Company to a
private party viz., Green Malabar Finance Ventures Limited.

iii) The Tribunal vide order dated May 18, 2018 held that since Green Malabar Finance Ventures Limited was neither a bank nor a
Financial Institution under the SARFAESI Act, 2002 or under the RDB Act, 1993 the recovery proceedings cannot be continued
before the Tribunal and directed Green Malabar Finance Ventures Limited to approach the appropriate forum.

iv) To circumvent the order dated May 18, 2018 passed by the Tribunal and to continue the proceedings before the Tribunal, Green
Malabar Finance Ventures Limited assigned the said debt vide an alleged Assignment Agreement dated July 27, 2018 to Capri
Global Capital Limited who in turn within a short span of 10 days vide an alleged Assignment Agreement dated August 6, 2018
assigned the said debt to Alchemist Asset Reconstruction Company Limited, as trustee for the Alchemist XXXVI Trust.

v) Thereafter vide order dated March 8, 2019, the Tribunal, held that it has jurisdiction to continue the proceedings.

vi) 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 stated as per earlier financial statements.

vii) Since the claim in respect of the same was made by Canara Bank and subsequently by the Assignees before the Tribunal, the
same are shown under "Other Financial Liabilities".

viii) The Company has reworked out the interest liability as per the recovery certificate issued by the Tribunal, which for the year ended
March 31, 2024 amounts to Rs.2,340.84 lakhs (Rs.1,962.93 lakhs) and cumulative liability of unprovided interest from September
10, 1997 to March 31, 2024 is ascertained at Rs. 14,364.81 lakhs (Rs. 12,023.97 lakhs). Further there is an unrecorded liability of
Rs.12.54 lakhs (Rs.12.54 lakhs) being the difference between the amount of debt in the books of accounts and the recovery
certificate issued in favour of Canara Bank. Accordingly, the loss for the year is understated by Rs.2,353.38 lakhs (Rs.1,975.48
lakhs) and net worth for the year is overstated by Rs.14,377.36 lakhs (Rs.12.036.51 lakhs).

13. The Company has accumulated losses of Rs. 307.29 lakhs (Rs.299.10 lakhs) resulting into negative net worth of Rs.207.29 iakhs (Rs
199.10 lakhs). The Company''s current liabilities exceed its current assets by Rs.207.29 lakhs (Rs.199.10 lakhs) as on date. Further there
is interest liability of Rs.2.340.84 lakhs (Rs. 1,962.94 lakhs) and also cumulative interest liability upto March 31, 2024 amounting to
Rs.14,364.81 lakhs (Rs.12,023.97 lakhs) on the outstanding amount payable to Alchemist Asset Reconstruction Company Limited as
trustee for the Alchemist XXXVI Trust (Assignee of the debt transferred by Green Maiabar Finance Venture Ltd., a private Company) for
which no provision is made in the books of account from 1997 till date. The turnover during the year ended March 31, 2024 is Rs. Nil
(Rs.Nil).

The Company''s net worth has been completely eroded and its ability to continue as a going concern basis inspite of the present
accumulated losses is dependent upon the infusion of funds for its operations. The Company is planning to take various measures in
terms of arranging resources to gain more time for the business to recover, in view of above the financial statements have been prepared
on a going concern basis.

14. As the Company has only one employee and no matenal liability for employee benefits is expected, liability for the same is not
ascertained,

15. There is no business activity in the Company during the current financial year or in the preceding previous financial year. Accordingly.
Segment Reporting as required as per Ind AS -108 and other applicable disclosures are not made.

16. There is no reasonable certainty supported by convincing evidence that future taxable income will be available. Accordingly, deferred tax
asset on the unabsorbed losses of the Company have not been recognised and also not determined.

17. Other IND AS disclosures are not made as the Company has no business activity in the current as well as in the previous financial year.

18. The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further there are no
instances of audit trail features being tampered with.

19. Figures of the previous year are in brackets and have also been regrouped/restated wherever necessary.

20. Additional regulatory information required by schedule III to the Companies Act.2013 -

(a) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies
beyond the statutory period,

(b) The Company has not traded or invested in Crypto currency or Virtual Currency during the year.

(c) The Company does not have any benami property held in its name, No proceedings have been initiated on or are pending against
the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made
thereunder.

(d) There is no income surrendered or disclosed as income during the year in tax assessments under the income Tax Act, 1961 (such
as search or survey), that has not been recorded in the books of account.

(e) The Company is not declared wilful defaulter by any bank or financial Institution or other lender.

(f) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind
of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in
writing or otherwise) that the Intermediary shall;

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group
(Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

(g) The Company has not received any funds from any other person(s) or entity(ies), including foreign entities (Intermediaries) with the
understanding (whether recorded in writing or otherwise) that the Group shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

(h) The Company did not have any transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section
560 of Companies Act. 1956 during the financial year

(i) The Company has not revalued its property . plant and equipment (including right of use assets) or intangible assets during the
current year or previous year.

(j) The Company has not obtained any new sanctioned working capital limit during the year, from banks and/or financial institution, on
the basis of security of current assets.

(k) The Company has compiled with the number of layers prescribed under clause (87) of section 2 of the Companies Act 2013 read
with Companies (Restrictions on number of Layers) Rules, 2017.

For N N K & CO. For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration Number: 143291W

Nikita Lalwani Hemant D. Shah Samir H. Shah

Partner Managing Director Director

Membership Number: 131875 DIN:02303535 DiN;00890587

UDIN : 24131875BKHGCZ4033

Rasika R, Wadkar Vinika N. Chouriya
Chief Financial Officer Company Secretary

Mumbai Mumbai

May 29, 2024 May 29, 2024

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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.

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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.

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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)

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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.

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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.