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JMT Auto Ltd.

BSE: 513691 Sector: Auto
NSE: JMTAUTOLTD ISIN Code: INE988E01036
BSE LIVE 15:41 | 18 Aug 4.65 -0.35
(-7.00%)
OPEN

5.00

HIGH

5.02

LOW

4.32

NSE 15:41 | 18 Aug 4.60 -0.40
(-8.00%)
OPEN

5.00

HIGH

5.10

LOW

4.25

OPEN 5.00
PREVIOUS CLOSE 5.00
VOLUME 280804
52-Week high 30.65
52-Week low 4.15
P/E 58.13
Mkt Cap.(Rs cr) 234
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.65
Sell Qty 2071.00
OPEN 5.00
CLOSE 5.00
VOLUME 280804
52-Week high 30.65
52-Week low 4.15
P/E 58.13
Mkt Cap.(Rs cr) 234
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.65
Sell Qty 2071.00

JMT Auto Ltd. (JMTAUTOLTD) - Auditors Report

Company auditors report

TO THE MEMBERS OF

JMT AUTO LIMITED

Report on Standalone Financial Statements

We have audited the accompanying financial statements of JMT AUTO LIMITED("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary 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 specified inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these 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 the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and 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 financial statements based on ouraudit. 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 misstatements.

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 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 March31 2016 and its profit and its 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 inparagraph 3 & 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 law have been kept by theCompany 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 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 the written representations received from the directors as on March31 2016 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 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 information and according to the explanations given to us:

i. the Company does not have any pending litigations which would impact its financialposition in its financial statements;

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

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

For A. C. Gupta & Associates
Chartered Accountants
(Firm Registration No. 008079N)
Sd/-
Place: New Delhi A.C. Gupta
Date : 30th May 2016 Partner
(Membership No. 008565)

Annexure A to the Independent Auditors’ Report

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

(i) In respect of its fixed assets:

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

(b) The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were 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) As explained to us the inventories were physically verified during the year bythe Management in accordance with a regular programme of verification which in ouropinion provides for physical verification of inventories at reasonable intervals and nomaterial discrepancies were noticed on such verification.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under Section 189 of the Companies Act 2013. Accordingly theprovisions of paragraph 3(iii)(a) and (b) of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto the loans and investments made.

(v) The Company has not accepted any deposits from the public during the financialyear. Accordingly the provisions of Section 73 to 76 or any other relevant provisions andthe Rules framed thereunder are not applicable to the Company.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant tothe Companies (Cost Records and Audit) Rules 2014 prescribed by the Central Governmentunder sub-section (1) of Section 148 of the Companies Act 2013 and are of the opinionthat prima facie the prescribed accounts and cost records have been made and maintained.We have however not made a detailed examination of the cost records with a view todetermine whether they are accurate or complete.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees’ State Insurance Income-tax Sales Tax ValueAdded Tax Service Tax Custom Duty Excise Duty Cess and other material statutory duesapplicable to it with the appropriate authorities.

There were no undisputed amounts payable in respect of Provident Fund Employees’State Insurance Income-tax Sales Tax Value Added Tax Service Tax Custom Duty ExciseDuty Cess and other material statutory dues in arrears as at March 31 2016 for a periodof more than six months from the date they became payable.

(b) Dues of Custom Duty and Excise Duty not deposited on account of dispute are asfollows:

Name of Statue Nature of Dues Amount Period Forum where Dispute is pending
Central Excise Act 1944 Dispute regarding Capital Cenvat availed in EOU units. Non Fulfillment of LOP Condition. Rs. 4.44 Cr. FY. 2012-13 Hon. High Court of Karnataka Dharwad Bench
Customs Act 1962 Dispute regarding availment of SHIS license because of policy confusion. Rs. 7 Lacs FY. 2011-12 Hon. High Court of Kolkata.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of dues to a financial institution bankgovernment or debenture holders.

(ix) According to the information and explanations given to us the Company did notraise any money by way of initial public offer or further public offer. Further moniesraised by the Company by way of term loans were applied for the purpose for which thosewere raised.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly the provisions of paragraph 3(xii) of theOrder are not applicable to the Company.

(xiii) 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.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly the provisions of paragraph 3(xiv) of the Order are not applicableto the Company.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly the provisions ofparagraph 3(xv) of the Order are not applicable to the Company.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For A. C. Gupta & Associates
Chartered Accountants
(Firm Registration No. 008079N)
Sd/-
Place: New Delhi A.C. Gupta
Date : 30th May 2016 Partner
(Membership No. 008565)