| THE MEMBERS
The Directors of the Company present the 25th Annual Report of your
Company with Audited Accounts for the financial year ended on 31st
March, 2014.
Financial Results and performance of the Company.
The summarized working results for the financial year ended on 31st
March, 2014 as compared with the previous year are as under:-
Particulars Current year Previous Year
2013-2014 2012-2013
(Rs. In Lacs) (Rs. In Lacs)
Revenue from operation 7.50 51.72
Other Income 527.04 174.30
Profit before depreciation and Tax 385.64 63.65
Less : Depreciation 9.89 43.82
Profit before Tax 375.75 19.83
Less:
a) Current Income Tax 71.60 3.78
b) Short and Excess provision for NIL 1.36
Income Tax
Profit after Tax 304.15 17.41
The Company's plans for new activities have not been successful so far
and only limited fees were earned in its consultancy activities.
However, efforts are continuing to add new activities, including
trading, and the Directors hope for some progress in these in the
second half of the current year.
As reported in last year's Report, factory including land and building
were disposed off. The sale was completed during the year and profit on
the sale amounting to Rs 44.2 million are shown as other income in the
accounts.
Trading in securities of the Company:
The securities of the Company are listed on Bombay Stock Exchange
Limited and Delhi Stock Exchange Limited.
Dividend:
The Directors do not recommend any dividend keeping in view expansion
plans of the company.
Public Deposits:
The Company has not accepted any deposits including fixed deposits from
the public under section 58A and 58AA of the Companies Act, 1956 read
with the Companies (Acceptance of Deposit) Rules, 1975, during the year
under review.
Directors' Responsibility Statement:
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
confirm that:
1. In preparation of the accounts, the applicable accounting standards
have been followed along with proper explanations relating to material
departures;
2. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or
loss of the Company for the financial year ended 31st March, 2014.
3. The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
4. The annual accounts have been prepared on a 'going concern' basis.
Directors:
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Pramod Kumar Nanda,
Director of the Company, retires by rotation at the ensuing Annual
General Meeting of the Company and being eligible offers himself for
re-appointment. Your Directors recommend his re-appointment as Director
on the Board.
Mr. Jagdish Das Shah, Mr. Brijesh Kumar Gujrati and Mr. Rajesh Kumar
Gupta resigned from the directorship of the company with effect from
05-09-2013.
Key Managerial Personnel
Mr. Kanhaiya Kumar Jha and Mr. Satya Prakash Singh were appointed as
Chief Financial Officer and Chief Executive Officer of the company
respectively by the Board of Directors.
Ms. Shruti Pandey was appointed Company Secretary w.e.f. 28-05-2014 and
designated as Key Managerial Personnel from the above said date.
Accounts and Auditors Report:
The observations contained in the Auditors' Report and Notes to
Accounts are self-explanatory and do not require any explanations from
Directors.
Auditors:
M/s Andros & Co., Chartered Accountants, Statutory Auditors of the
company retire at the conclusion of the ensuing Annual General Meeting
and are eligible for re-appointment.
Particulars of Employees:
None of the employees are in receipt of remuneration in excess of the
limits prescribed under section 217(2A) of the Companies Act, 1956 read
with the Companies (Particulars of Employees) Amendment Rules, 2011, as
amended, therefore, no disclosure is required.
Conservation of energy and technology absorption and foreign exchange
earnings and outgo:
The particulars under Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988 on conservation of energy,
technology absorption and earnings & outgo in foreign exchange are
enclosed as Annexure - A which forms part of this report.
Corporate Governance:
Your Company has followed corporate governance practices since
inception in accordance with the Code of Corporate Governance. The
attached Report together with a certificate from Statutory Auditors in
compliance with Clause 49 of the Listing Agreement forms part of this
Report.
Secretarial Compliance Certificate
A compliance certificate from a practicing Company Secretary annexed
hereto and forms part of the Report. Statement pursuant to listing
agreement (s):
The Company's securities are presently listed at The Bombay Stock
Exchange Limited (BSE) and The Delhi Stock Exchange Limited (DSE). The
listing fees to BSE and DSE have been paid.
The Management's Discussion and Analysis in compliance with Clause 49
of the Listing Agreement forming part of this Report is attached.
Acknowledgements:
Your Directors gratefully acknowledge co-operation and assistance
extended by all stakeholders, employees and Bankers and look forward to
their continuing support.
By order of the Board
For JMG CORPORATION LIMITED
Sd/- Sd/-
Mohan Dhar Diwan Avantsa Krishna
Whole TimeDirector Director
Place: - New Delhi DIN- 01888051 DIN- 00904526
Date:- 14-08-2014 D-23, G.K. 001, Building
Enclave-1 No. 1
NEW DELHI-110048 Park View
Apartment
Mandi Road,
New Mangla Puri
New Delhi-110030 |