You are here » Home » Companies » Company Overview » JMG Corporation Ltd

JMG Corporation Ltd.

BSE: 523712 Sector: Others
NSE: N.A. ISIN Code: INE745F01011
BSE LIVE 15:16 | 03 Jul Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.25
PREVIOUS CLOSE 1.31
VOLUME 400
52-Week high 1.33
52-Week low 1.01
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.25
Buy Qty 700.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.25
CLOSE 1.31
VOLUME 400
52-Week high 1.33
52-Week low 1.01
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.25
Buy Qty 700.00
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 2015 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) 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 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 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 the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation 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 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 2015

b) In the case of the Profit and loss Account of the loss for the year ended on thatdate; and

c) In the case of cash flow statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 (the order) issuedby the central Government of India in terms of Section 144(11) of the Act we give in theAnnexure a statement on the matters specified in paragraphs 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 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 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(f) In our opinion the company has adequate internal financial controls system andsuch controls are operating effectively.

(g) With respect to the other matters included in the Auditor’s Report and to ourbest of our information and according to the explanations given to us: i. The Company doesnot have any pending litigations which would impact its financial position.

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/-
(CA Bhavuk Garg)
PARTNER
PLACE : New Delhi Membership No. 502310
DATE : 012-08-2015 FRN : 008976N

ANNEXURE TO THE AUDITORS’ REPORT

The Annexure referred to in paragraph 1 of our Report of even date to the members of JMGCORPORATION LIMITED on the accounts of the company for the year ended 31stMarch 2015.

(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 and have been properly dealt with in thebooks of 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 details of dues of salestax income tax service tax which have not been deposited on account of any dispute aregiven below:

Name of the statute Period to which the amount relates Forum where dispute is pending Tax Amount
(Rs.)
Income Tax Act 1961 2010-11 Income Tax Commissioner (appeal) 6843030
Income Tax Act 1961 2011-12 Income Tax Commissioner (appeal) 1061049

c) According to the information and explanations given to us no amount is required tobe transferred 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 2015.

FOR ANDROS & COMPANY
CHARTERED ACCOUNTANTS
Sd/-
(CA Bhavuk Garg)
PARTNER
PLACE : New Delhi Membership No. 502310
DATE : 12-08-2015 FRN : 008976N