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JMC Projects (India) Ltd.

BSE: 522263 Sector: Infrastructure
NSE: JMCPROJECT ISIN Code: INE890A01016
BSE LIVE 15:40 | 18 Aug 347.40 0.20
(0.06%)
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344.00

HIGH

348.00

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NSE 15:31 | 18 Aug 346.05 -0.15
(-0.04%)
OPEN

342.40

HIGH

347.90

LOW

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OPEN 344.00
PREVIOUS CLOSE 347.20
VOLUME 3452
52-Week high 363.95
52-Week low 183.00
P/E 16.77
Mkt Cap.(Rs cr) 1,167
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 344.00
CLOSE 347.20
VOLUME 3452
52-Week high 363.95
52-Week low 183.00
P/E 16.77
Mkt Cap.(Rs cr) 1,167
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

JMC Projects (India) Ltd. (JMCPROJECT) - Auditors Report

Company auditors report

To the Members of JMC Projects (India) Limited.

Report on the Financial Statements

We have audited the accompanying standalone financial statements of JMC Projects(India) Limited (“the Company”) which comprise the Balance Sheet as at March31 2016 and the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the act’) with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flow of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with rule 7 of Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and its Profit and Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 (“theOrder”) issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order.

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

a) we have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as appears from our examination of those books;

c) the Balance Sheet the Statement of Profit and Loss and cash flow statement dealtwith by this Report are in agreement with the books of account;

d) in our opinion the aforesaid standalone financial statements comply with theapplicable Accounting Standards referred to under section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014;

e) on the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 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 and the operating effectiveness of such controls refer to ourseparate report in “Annexure B”; and

g) With respect to 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 if any of pending litigations in itsfinancial statements- Refer Note No. 27 to the financial statements.

(ii) The Company has made provision as required under the applicable law andaccounting standards for material foreseeable losses on long term contracts includingderivative contracts.

(iii) There has been no delay in transferring amount required to be transferred to theInvestor Education and Protection Fund by the Company.

FOR KISHAN M. MEHTA & CO.
Chartered Accountants
Firm’s Registration No.105229W
PLACE: MUMBAI (K.M.MEHTA)
DATE : 27th May 2016 Partner
M.No.13707

ANNEXURE A TO THE AUDITORS’ REPORT

(i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

b) As explained to us the fixed assets have been physically verified by the managementin reasonable interval and no material discrepancies have been noticed on suchverification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) The inventory has been physically verified by the management during the year atreasonable intervals and in our opinion discrepancies noticed on physical verification ofstocks were not material.

(iii) The company has not granted any loan secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Act.

(iv) According to information and explanations given to us in respect of loansinvestments guaranties and security the company has complied with the provisions ofsection 185 and 186 of the Act.

(v) The Company has complied with the directives issued by the Reserve Bank of Indiaand the provisions of section 73 to 76 or any other relevant provisions of the CompaniesAct and the rules framed thereunder in relation to the deposits.

(vi) We have broadly reviewed the books of account maintained by the company pursuantto the rules made by the Central Government of India regarding the maintenance of costrecords under sub section 1 of section 148 of the Companies Act 2013 and are of theopinion that prima facie the prescribed accounts and records have been maintained. Wehave however not made a detailed examination of the records with a view to determinewhether they are accurate or complete.

(vii) a) According to the information and explanations given to us and the recordsexamined by us the Company is regular in depositing with appropriate authorities theundisputed statutory dues including Provident Fund Employees’ State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Duty of Customs Duty of Excise ValueAdded Tax Cess and any other material statutory dues applicable to it; and there are nosuch undisputed amount payable which are in arrears as at March 31 2016 for a period ofmore then six months from the date they became payable.

b) According to the information and explanations given to us details of dues of IncomeTax Sales Tax Wealth Tax Service Tax Duty of Customs Duty of Excise Value Added Taxand Cess which have not been deposited on account of dispute are given below.

Name of the Statute Particulars Financial year to which the amount relates Forum where the dispute is pending Amount (Rs. in lacs)
Finance Act 1994 Service Tax 2007-08 to Customs Excise and Service Tax 2898.09
2009-10 Appellate Tribunal Ahmedabad
Finance Act 1994 Service Tax 2008-09 to Customs Excise and Service Tax 2505.73
2012-13 Appellate Tribunal Ahmedabad
Finance Act 1994 Service Tax 1997-98 Customs Excise and Service Tax Appellate Tribunal Ahmedabad 2.18
Finance Act 1994 Service Tax 2015-16 Commissioner Ahmedabad 551.40
Finance Act 1994 Service Tax 2014-15 Commissioner Ahmedabad 710.60
Finance Act 1994 Service Tax 2015-16 Commissioner Ahmedabad 93.59
The West Bengal VAT Act VAT 2008-09 West Bengal Commercial Taxes 57.10
2003 Appellate and Revisional Board
The West Bengal VAT Act VAT 2009-10 West Bengal Commercial Taxes 105.80
2003 Appellate and Revisional Board
The West Bengal VAT Act VAT 2011-12 Dept. Commissioner Kolkata 430.01
2003
Madhya Pradesh VAT Act 2002 VAT 2009-10 Addl. Commissioner Appeals 10.44
Madhya Pradesh VAT Act 2002 Entry Tax 2009-10 Addl. Commissioner Appeals 6.59
Madhya Pradesh VAT Act 2002 VAT 2013-14 Addl. Commissioner Appeals 126.43
Madhya Pradesh VAT Act 2002 Entry Tax 2013-14 Addl. Commissioner Appeals 45.00
Gujarat VAT Act 2003 VAT & CST 2006-07 Gujarat VAT Tribunal 263.76
Gujarat VAT Act 2003 VAT & CST 2009-10 Asst. Commissioner of Commercial Appeals 125.40
Maharashtra VAT Act 2002 VAT 2006-07 Dept. Commissioner of Sales Tax 145.10
Maharashtra VAT Act 2002 VAT 2007-08 Joint Commissioner of Sales Tax 15.14
Maharashtra VAT Act 2002 VAT 2008-09 Dept. Commissioner of Sales Tax 789.18
Maharashtra VAT Act 2002 VAT 2009-10 Addl. Commissioner Appeals 40.35
New Delhi VAT matter VAT 2012-13 & Objection Hearing Authority 521.8
2013-14 Sales Tax department Delhi
Income Tax Act 1961 Income Tax 2012-13 Commissioner (Appeals) 89.56
Income Tax Act 1961 Income Tax 2006-07 2008-09 Income Tax Appellate Tribunal 757.67
2009-10 2011-12
Income Tax Act 1961 Income Tax 2004-05 Supreme Court 18.58

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of loans or borrowings to financialinstitutions and Bank. The company has not taken any loan from Government and has notissued debentures.

(ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments). According to the information and explanations given tous and in our opinion the term loan raised have been applied for the purpose for whichthey were obtained.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statement and as per the information and explanations given bythe management we report that no fraud by the Company or on the company by its officersor employees has been noticed or reported during the course of our audit.

(xi) As the company is not a Nidhi Company Clause (xii) of paragraph 3 of theCompany’s (Auditor’s Report) Order 2016 is not applicable to the Company.

(xii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiii) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xiv) As the Company has not entered into any non-cash transactions with directors orpersons connected with him Clause (xv) of paragraph 3 of the Company’s(Auditor’s Report) Order 2016 is not applicable to the Company.

(xv) According to information and explanation to us the Company is not required to beregistered under section 45-lA of the Reserve Bank of lndia Act 1934.

FOR KISHAN M. MEHTA & CO.
Chartered Accountants
Firm’s Registration No.105229W
(K.M.MEHTA)
Date : 27th May 2016 Partner
Place: Mumbai M.No.13707

ANNEXURE - B TO THE AUDITORS’ REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of JMCProjects (India) Limited (“the Company”) as of 31st March 2016 in conjunctionwith our audit of the financial statements of the Company for the year ended on 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 Reportingissued 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 safeguardingof its 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 Companies Act 2013.

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 Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the “Guidance Note”) and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls.Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany’s assets that could have a material 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 of the 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 material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR KISHAN M. MEHTA & CO.
Chartered Accountants
Firm’s Registration No.105229W
(K.M.MEHTA)
Date : 27th May 2016 Partner
Place: Mumbai M.No.13707