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JMG Corporation Ltd.

BSE: 523712 Sector: Others
NSE: N.A. ISIN Code: INE745F01011
BSE LIVE 14:35 | 04 Oct Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.25
PREVIOUS CLOSE 1.24
VOLUME 200
52-Week high 1.33
52-Week low 1.01
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.25
CLOSE 1.24
VOLUME 200
52-Week high 1.33
52-Week low 1.01
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

JMG Corporation Ltd. (JMGCORPORATION) - Auditors Report

Company auditors report

TO THE MEMBERS OF JMG CORPORATION LIMITED

We have audited the accompanying standalone financial statements of JMG CORPORATIONLIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 flows 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 the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance 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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions 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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's 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.

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 financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India

a) In case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017 b) In the case of the Profit and loss Account of the loss for the year endedon that date; and c) In the case of cash flow statement of the cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 (the order) issued bythe central Government of India in terms of Section 144(11) of the Act we give in the"Annexure A" a statement on the matters specified in paragraphs 3 and 4of 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 purposes of our audit.

(b) In our opinion proper books of account as required by the law have been kept bythe Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over the financialreporting of the Company and operative effectiveness of such controls refer to ourseparate report in "Annexure B"

(g) With respect to the other matters included in the Auditor's Report and to our bestof our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its nancialposition.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

FOR ANDROS & COMPANY
CHARTERED ACCOUNTANTS
Sd/-
PLACE : Gurgaon (CA Bhavuk Garg)
DATE : 08-08-2017 PARTNER
Membership No. 502310
FRN : 008976N

ANNEXURE TO THE AUDITORS' REPORT

The Annexure A referred to in paragraph 1 of the Our Report of even date to themembers of JMG CORPORATION LIMITED on the accounts of the company for the yearended 31st March 2017.

(i) a) The company has maintained proper records to show full particulars includingquantitative details and situation of fixed assets.

b) The fixed assets have been physically verified by the management during the year atreasonable intervals. The discrepancies noticed on physical verification of fixed assetsare not material as compared to book records have been properly dealt with in the booksof accounts on such verification.

(ii) As the Company is engaged in providing of services and does not maintain anyinventory paragraph 3 (ii) of the order is not applicable.

(iii) According to the information and explanations given to us the company has notgranted any loan secured or unsecured to companies firm and other parties covered in theregister maintained under Section 189 of the Companies Act 2013.

(iv) According to the information and explanations given to us there are adequateinternal control procedures generally commensurate with the size of the Company and thenature of its business with regard to purchases of consumables fixed assets and withregard to the sale of Services. We have neither come across nor have we been informed ofany continuing failure to correct major weaknesses in the aforesaid internal controlsystem.

(v) As informed to us the Company has not accepted any deposits from the public withinthe meaning of directives issued by the Reserve Bank of India and the provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act and the rulesframed there under.

(vi) We are informed that the Central Government has not prescribed the maintenance ofcost records under sub-section (1) of section 148 of the Companies Act 2013.

(vii) a) According to the information and explanations given to us the Company isregular in depositing with appropriate authorities undisputed statutory dues includingprovident Fund sales tax income tax Service tax Value added tax and other materialstatutory dues applicable to it.

b) According to the information and explanations given to us there are no dues anddispute of sales tax income tax and service tax.

c) According to the information and explanations given to us no amount required to betransferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 2013.

(viii) The company has no accumulated losses at the end of the financial year and ithas not incurred cash losses in the current and immediately preceding financial year:

(ix) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to a financial institution or bank.

(x) As the Company has not given any guarantees for loans taken by others from banksparagraph 3 (x) of the order is not applicable.

(xi) According to the information and explanations given to us no term loan has beentaken by the Company therefore paragraph 3(xi) of the order is not applicable.

(xii) Based upon the audit procedures performed and information and explanations givenby the management we report that no fraud on or by the company has been noticed orreported during the course of audit for the year ended 31st March 2017.

FOR ANDROS & COMPANY
CHARTERED ACCOUNTANTS
Sd/-
PLACE : Gurgaon (CA Bhavuk Garg)
DATE : 008-08-2017 PARTNER
Membership No. 502310
FRN : 008976N

ANNEXURE-B to The Independent Auditor's Report of even date on THE STANDALONEFINANCIAL STATEMENTS OF JMG CORPORATION LIMITED

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 JMGCORPORATION LIMITED ("the Company") as of 31 March 2017 inconjunction with our audit of the financial statements of the Company for the period endedon 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 safeguarding ofits 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 both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively 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. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorization 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 all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 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 ANDROS & COMPANY
CHARTERED ACCOUNTANTS
Sd/-
PLACE : Gurgaon (CA Bhavuk Garg)
DATE : 08-08-2017 PARTNER
Membership No. 502310
FRN : 008976N