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JM Financial Ltd.

BSE: 523405 Sector: Financials
NSE: JMFINANCIL ISIN Code: INE780C01023
BSE 14:40 | 23 Oct 78.10 0.30
(0.39%)
OPEN

78.60

HIGH

78.80

LOW

77.75

NSE 14:39 | 23 Oct 78.05 0.15
(0.19%)
OPEN

77.90

HIGH

79.00

LOW

77.65

OPEN 78.60
PREVIOUS CLOSE 77.80
VOLUME 13155
52-Week high 126.00
52-Week low 55.50
P/E 50.39
Mkt Cap.(Rs cr) 7,437
Buy Price 77.95
Buy Qty 75.00
Sell Price 78.05
Sell Qty 5.00
OPEN 78.60
CLOSE 77.80
VOLUME 13155
52-Week high 126.00
52-Week low 55.50
P/E 50.39
Mkt Cap.(Rs cr) 7,437
Buy Price 77.95
Buy Qty 75.00
Sell Price 78.05
Sell Qty 5.00

JM Financial Ltd. (JMFINANCIL) - Auditors Report

Company auditors report

JM FINANCIAL LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT To the Members of JM Financial Limited 1. We have audited the attached Balance Sheet of JM Financial Limited ('the Company') as at March 31, 2012 and also the Statement of Profit and Loss and the Cash Flow statement for the year ended on that date annexed thereto. 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. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those 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 a 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. 3. As required by the Companies (Auditor's Report) Order, 2003 (as amended) (hereinafter referred to as 'the Order') issued by the Central Government in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (hereinafter referred to as 'the Act'), we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to above, we report that: i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; ii) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; iii) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the said books of account; iv) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the applicable accounting standards referred to in Section 211(3C) of the Act; v) On the basis of the written representations received from the directors as on March 31, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2012 from being appointed as a director in terms of Section 274 (1)(g) of the Act; vi) Without qualifying our report, attention is drawn to note 2.30 of notes to financial statements regarding provision/payment for Managerial Remuneration in excess of the limits prescribed under the Act by Rs.65.15 Lakh relating to financial year 2010-11, for which submission to the Central Government has been made. vii) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with significant accounting policies and notes thereon give the information required by the Act, in the manner so required and give 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 the affairs of the Company as at March 31, 2012; b) in the case of the Statement of Profit and Loss, of the 'profit' of the Company 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 and on behalf of Khimji Kunverji & Co. Chartered Accountants Registration No: 105146W Shivji K. Vikamsey Partner Membership No.2242 Place: Mumbai Date : May 24, 2012 Annexure referred to in paragraph 3 of our report of even date of JM Financial Limited as at March 31, 2012 (i)(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets have been physically verified by the management at reasonable interval. As informed, no material discrepancies were noticed on such verification. (c) The Company has not disposed off substantial part of its fixed assets during the year. (ii) The Company does not hold any inventory during the year, hence clause 4(ii) of the Order is not applicable to the Company. (iii) The Company has neither taken nor granted loan to parties in register maintained under Section 301 of the Act, hence clause 4(iii) of the Order is not applicable to the Company. (iv) In our opinion and according to the information and explanation given, there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of fixed assets and for rendering services. Further, on the basis of examination of the books and records of the Company and according to the information and explanations given, and as per the checking carried out in accordance with the auditing standards generally accepted in India, neither we have observed nor have we been reported for any continuing failure to correct major weaknesses in the internal control system relating to the aforesaid. During the year, the Company has neither purchased any inventory nor sold any goods. (v)(a) Based on the audit procedures applied and according to the information and explanations given, the contracts or arrangements referred to in Section 301 of the Act that need to be entered into the register maintained under that Section have been so entered. (b) According to the information and explanations given to us, where each of such contracts or arrangement is in excess of Rs.5 Lakh in respect of any party, the contracts or arrangement have been made at prices which are prima facie, reasonable having regard to the prevailing market prices at the relevant time or the prices at which transactions for similar services have been made with other parties or as per information available with the Company. (vi) According to information and explanations given, the Company has not accepted any deposits from the public, hence clause 4(vi) of the Order is not applicable to the Company. (vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. (viii) The Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act for the products of the Company. (ix)(a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident fund, Investor Education and Protection Fund, Employees' State Insurance, Income tax, Service tax, Cess and other material statutory dues applicable to it. There were no arrears of such statutory dues as at March 31, 2012 for a period of more than six months from the date they became payable. (b) According to the information and explanations given, there are no outstanding dues of Income tax, Service tax, Wealth Tax, and Cess which have not been deposited on account of any dispute except as mentioned below: Name of the Nature of dues Year to which Amount (Rs.) Forum where Statute it pertains dispute is appealable Income Tax Income tax F.Y 2008-09 16,629,037/- Income Tax Act, 1961 Appellate Tribunal, Mumbai We have been informed that statutory dues like Sales tax, Custom duty and Excise Duty are currently not applicable to the Company. (x) The Company neither has any accumulated losses at the end of the financial year nor has incurred any cash loss in the current and immediate preceding financial year. (xi) The Company has not borrowed funds from financial institutions, banks or debenture holders, hence clause 4(xi) of the Order is not applicable to the Company. (xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society, hence clause 4(xiii) of the Order is not applicable to the Company. (xiv) According to the information and explanations given and in our opinion, the Company is not dealing or trading in shares, securities, debentures, and other investments, hence clause 4(xiv) of the Order is not applicable to the Company. (xv) According to the information and explanations given, the Company has not given any guarantee for loans taken by others from bank or financial institution. (xvi) According to the information and explanations given to us, the Company has not raised any term loans, hence clause 4(xvi) of the Order is not applicable to the Company. (xvii) According to the information and explanations given and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment. (xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Act. (xix) According to the information and explanations given, the Company has not issued any debentures, hence clause 4(xix) of the Order is not applicable to the Company. (xx) The Company has not raised any money through a public issue during the year. (xxi) During the course of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, we have neither come across any instances of fraud on or by the Company, noticed or reported during the course of our audit nor have we been informed of such case by the management. For and on behalf of Khimji Kunverji & Co. Chartered Accountants Registration No: 105146W Shivji K. Vikamsey Partner Membership No.2242 Place: Mumbai Date : May 24, 2012
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