JMD Ventures Limited Mumbai
Report on the Financial Statements
1. We have audited the accompanying financial statements of M/s. JMD Ventures Limitedwhich comprise the Balance Sheet as at March 31 2017 the Statement of Profit and Lossand the Cash Flow Statement for the year then ended and a summary of the significantaccounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
3. Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under.
4. We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report.
5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.
6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 its Loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by "the Companies (Auditor's Report) Order 2016 ("theOrder")" issued by the Central Government of India in terms of sub-section (11)of section 143 of the Act (hereinafter referred to as the "Order") and on thebasis of such checks of the books and records of the Company as we consider appropriateand according to the information and explanation given to us we give in the Annexure A astatement on the matters specified in the paragraph 3 and 4 of the Order.
10. 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 purposes 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
e. On the basis of written representations received from the directors as on 31 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2017 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.
g. With respect to the 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 knowledge and according the explanations given to us we reportthat :
i The Company does not have any pending litigations as at March 31 2017 which wouldimpact its financial position in its financial statements.
ii The Company did not have any long-term contracts including derivatives contracts forwhich there were any material foreseeable losses during the year ended March 31 2017.
iii There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund during the year ended March 31 2017.
iv The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8 November2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained by the Company. Refer Note 2.21 to the Standalone financial statements.
| ||For Mehta Kothari & Associates |
| ||Chartered Accountants |
| ||FRN - 106247W |
|Place : Mumbai ||Pradip C. Mehta |
|Date : May 29 2017 ||Partner |
| ||Membership No. 35447 |
ANNEXURE "A" TO INDEPENDENT AUDITORS' REPORT
Referred to in paragraph 9 of the Independent Auditors' Report of even date to themembers of M/s. JMD
Ventures Limited on the standalone financial statements for the year ended March 312017
1) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;
b) These fixed assets have been physically verified by the management at reasonableintervals; no material discrepancies were noticed on such verification the same have beenproperly dealt with in the books of account;
2) a) The management has conducted physical verification of inventory at reasonableintervals during the year.
b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.
c) The company is maintaining proper records of inventory and no material discrepancieswere noticed on physical verification.
3) The Company has not granted any loan to any parties covered in the registermaintained under section 189 of the Companies Act 2013. Hence clauses (b) & (c) arenot applicable.
4) The Company has not granted loans or made investment or given any guarantee orsecurity as covered in the provisions of section 185 and 186 of the Companies Act 2013therefore Clause (IV) of the order is not applicable to the company.
5) The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.
6) The requirement of maintaining Cost Records as specified by the Central Governmentunder section 148(1) of the Companies Act 2013 is not applicable to the company.
7) a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund investor education and protection fundemployees' state insurance income-tax sales-tax wealth-tax service tax customs dutyexcise duty cess and other material statutory dues applicable to it.
b) According to the information and explanations given to us no disputed amountspayable in respect of provident fund investor education and protection fund employees'state insurance income-tax wealth-tax service tax customs duty excise duty cess andother material statutory dues were outstanding at the year end for a period of more thansix months from the date they became payable.
c) According to the information and explanations given to us the dues outstanding ofincome tax sales-tax service tax duty of customs duty of excise or value added taxwhich have not been deposited on account of any dispute are as follows:
|Name of the Statue ||Nature of Dues ||Disputed amount ||Financial Year for which it relates ||Forum where dispute is pending |
|Income Tax Act 1961 ||Income Tax ||479241 ||2011-12 ||Income Tax Appellate CIT |
|Income Tax Act 1961 ||Income Tax ||406350 ||2012-13 ||Income Tax Appellate CIT |
|Income Tax Act 1961 ||Income Tax ||810730 ||2013-14 ||Income Tax Appellate C I T |
|Income Tax Act 1961 ||Income Tax ||537730 ||2014-15 ||Income Tax Appellate CIT |
|Income Tax Act 1961 ||Income Tax ||5519210 ||2015-16 ||Income Tax Appellate CIT |
d) The Company is not required to transfer any funds to the Investor Education andProtection Fund in accordance with the relevant provisions of the Companies Act.
8) The Company has not taken loan from any financial institution or bank thereforeClause (VIII) of the order is not applicable to the company.
9) According to the information and explanations given to us the Company has notraised any money by way of initial public offer or further public offer hence notcommented upon.
10) Based on the Audit procedures performed for the purpose of reporting the true andfair view of financial statements and according to the information and explanationsprovided to us we report that no material fraud by the Company or on the Company by theofficers and employees of the Company has been noticed or reported during the year.
11) According to the information and explanations given to us the managerialremuneration has been paid and provided in accordance with the requisite approvalsmandated by the provisions of Section 197 read with Schedule V of the Act.
12) In our opinion the Company is not a nidhi company. Therefore the provisions ofClause 3(xii) of the order are not applicable to the Company and hence not commented upon.
13) According to the information and explanations given to us transactions withrelated parties are in compliances with section 177 and 188 of the Act where applicableand details have been disclosed in the notes to the financial statements as required bythe applicable accounting standards.
14) According to the information and explanations given to us and on overallexamination of Balance Sheet the Company has not made any Preferential Allotment orprivate placement of Shares or fully or partly convertible debentures during the year andhence reporting requirements under clause 3(xiv) are not applicable to the Company andnot commented upon.
15) According to the information and explanations given to us the Company has notentered into any noncash transactions with Directors or persons connected with him.
16) According to the information and explanations given to us we report that theCompany is not required to be registered itself under section 45-IA of the Reserve Bank ofIndia Act 1934.
| ||For Mehta Kothari & Associates |
| ||Chartered Accountants |
|Place : Mumbai ||FRN - 106247W |
|Date : May 29 2017 ||Pradip C. Mehta |
| ||Partner |
| ||Membership No. 35447 |