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JMDE Packaging & Realties Ltd.

BSE: 524378 Sector: Industrials
NSE: N.A. ISIN Code: INE807C01024
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JMDE Packaging & Realties Ltd. (JMDEPACKAGING) - Auditors Report

Company auditors report

JMDE PACKAGING AND REALTIES LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT TO THE MEMBERS OF JMDE PACKAGING & REALTIES LIMITED We have audited the attached Balance Sheet of JMDE PACKAGING & REALTIES LIMITED, as at 31st March 2012 and also the Profit and Loss Account for the year ended on that date. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Auditing Standards Generally Accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to above, we report that: (1) 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. (2) In our opinion the Company, as required by law, has kept proper books of account, so far as it appears from our examination of such books. (3) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. (4) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; (5) On the basis of written representation received from the directors, as on 31st March 2012 and taken on record by the Board of Directors, we do hereby certify that none of the directors of the company as on 31st March 2012 is disqualified for appointment as director in the aforesaid company in terms of clause (g) of sub - section 274 of the Companies Act, 1956 on the said date. (6) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the significant accounting policies and notes on Accounts annexed thereto, give the information required by the Companies Act, 1956, in the manner so required and gives 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 as at 31st March, 2012, and b) In the case of the Profit and Loss Account of the Loss for the year ended on that date. AND c) In the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date. For Chirawewala & Associates Chartered Accountants Archana Chirawewala Proprietor ICAI Membership No: 0116975 Place: Mumbai Date : 30th August, 2012. ANNEXURE TO THE AUDITORS' REPORT: (Referred to in paragraph 3 of our report of even date) 1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification. (c) During the year, the company has not disposed of a substantial part of the fixed assets. 2. (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. 3. (a) The company has not granted any loan to Companies, firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956. (b) The company has not taken any loan to Companies, firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of Goods and services and Fixed Assets for to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered into the register required to be maintained under that section; and (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Act have been made at prices which are reasonable having regard to prevailing market prices at the relevant time; 6. The company has not accepted any deposits from public. 7. In our opinion, the company has an internal Audit system commensurate with its size and nature of business. 8. We have broadly reviewed the books of account and other relevant records and are of the opinion that the Central Government has not prescribed any rules for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956. 9. (a) The company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, Excise duty and cess were in arrears, as at 31st March, 2012 for a period of more than six months from the date they became payable. (c) According to the information and explanation given to us, there are no dues of sale tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute. There is a due of Rs.32 Lacs in respect of Income Tax for the Assessment Year 2003-04 which has not been deposited on account of dispute; the dispute is pending before The Assistant Commissioner of Income Tax. 10. In our opinion, the company has accumulated losses amounting to Rs.40,820,885/- at the end of the financial year covered by our audit. The company has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the company has defaulted in repayment of dues to a financial institution, banks due to certain dispute between the company and the banks. Details are as under: Name of Institution/Bank 2011 -2012 2010-2011 Dena Bank Ltd Rs. 64,50,935 Rs. 64,50,935 12. We are of the opinion that the company has maintained adequate records where the company has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 15. The company has not given guarantees for loans taken by others from banks or financial institutions. 16. The company has not raised any term loans during the year under consideration. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment. 18. According to the information and explanations given to us, the company has made preferential allotment of shares warrants to parties and companies covered in the register maintained under section 301 of the Act. 19. According to the information and explanations given to us, during the period covered by our audit report, the company had not issued debentures. 20. Company has received no funds on basis of public issue. 21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For Chirawewala & Associates Chartered Accountants Archana Chirawewala Proprietor ICAI Membership No: 0116975 Place: Mumbai Date : 30th August, 2012.