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JBM Auto

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Directors Report Year End : Mar '18    Mar 17

To the Members,

The Directors are pleased to present the 22nd Annual Report on the business and operation of the Company together with Audited Financial Statement (Standalone and Consolidated) for the financial year ended 31st March, 2018.

1. FINANCIAL RESULTS

The Company’s financial performance for the year ended 31st March 2018 is summarized below:

Rs. In Crores

PARTICULARS

Standalone

Consolidated

FY 2017-18

FY 2016-17

FY 2017-18

FY 2016-17

Revenue from operations*

765.78

698.06

1632.88

1500.92

Other income

10.81

14.82

10.90

14.86

Total income

776.59

712.88

1643.78

1515.78

Earnings Before Interest , Taxes and

99.41

102.25

214.58

190.67

Depreciation and amortization

Less: Depreciation

25.04

23.08

55.57

50.05

Less: Finance Cost

27.00

30.22

48.58

52.75

Profit for the period before share of profit

47.38

48.95

110.43

87.87

in associate and joint venture

Share of profit of associate and joint venture

-

-

13.44

9.51

Profit Before Tax

47.38

48.95

123.88

97.38

Tax Expense

15.27

9.2

42.75

25.46

Profit for the period for continuing

32.10

39.76

81.13

71.92

operations

Other Comprehensive income for the year

0.01

(0.03)

0.03

(0.10)

Total Comprehensive income for the year

32.11

39.73

81.17

71.82

Less: Non-Controlling interest

-

-

(10.66)

(6.54)

Total Comprehensive income attributable

32.11

39.72

70.51

65.28

to the owner of the company

*Figures for revenue from operations are comparable numbers i.e. Excise duty has been removed as same does not form part of Revenue post GST implementation.

Profit for the financial year 2016-17 includes exceptional income of Rs. 11.05 Crore (net of taxes of Rs. 7.64 Crore.)

The financial statements for the year ended 31st March, 2018 are prepared under IND AS (Indian Accounting Standards) which has become applicable w.e.f. 01.04.2017. The Company has, for the first time, adopted IND AS with the transition date of April 1st 2016.

2. FINANCIAL HIGHLIGHTS

On Standalone Basis

During the financial year 2017-18, the Company’s net revenue from operation is Rs.765.78 Crore as against Rs.698.06 Crore in the previous year, thereby registering top-line growth of 9.70% due to higher sales by the Company to Mahindra & Mahindra, Tata Motors Ltd. and volvo Eicher Commercial vehicles.

The profit before tax is Rs.47.38 Crore in the year 2017-18 as against Rs. 48.95 Crore in the previous year. The previous year profit includes exceptional income of Rs. 11.05 Crore (net of tax of Rs. 7.64 Crore)

On Consolidated Basis

in compliance with the applicable provisions of Companies Act, 2013 including the indian Accounting Standard (ind AS) 110 on Consolidated Financial Statements, this Annual Report also includes Consolidated Financial Statements for the financial year 2017-18.

The Company’s Consolidated Net Revenue from operations is Rs.1632.88 crores as against Rs.1500.92 crores in the previous year, thereby registering top-line growth of 8.79% due to higher sales by the Company to Ford india Pvt. Ltd., Mahindra & Mahindra, Tata Motors Ltd. and volvo Eicher Commercial vehicles.

Profit before tax for the year stood at Rs.123.87 crores as against Rs.97.38 crores in the previous year.

Your Company has taken several steps to reduce the cost and increase its market share in all products.

3. DIVIDEND AND APPROPRIATION

Dividend

The Board has recommended a final dividend of Rs. 2/- (40%) per equity share (on fully paid-up equity share of Rs. 5 each) for the financial year ended 31st March, 2018, which will result in an outflow of Rs. 9.84 Crore (including Corporate Dividend Tax of Rs.1.68 crore).

The payment of dividends is subject to the approval of the shareholders at the ensuing 22nd Annual General Meeting (AGM) of the Company.

Appropriation

No amount has been transferred to the General Reserve for the financial year 2017-18.

4. CHANGE IN THE NATURE OF BUSINESS, IF ANY

There was no change in the nature of the business of the Company during the financial year ended 31st March, 2018.

5. COMPLIANCE WITH SECRETARIAL STANDARDS

Your Directors confirm that the Secretarial Standards issued by the Institute of Company Secretaries of India, as applicable to the Company, have duly complied with.

6. ADOPTION OF INDIAN ACCOUNTING STANDARDS (IND AS)

In accordance with the notification issued by the Ministry of Corporate Affairs (MCA), your Company is required to prepare financial statements under indian Accounting Standards (ind AS) prescribed under section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (indian Accounting Standards) Rules, 2015 and Companies (indian Accounting Standards) Amendment Rules, 2016 with effect from 1st April, 2017. ind AS has replaced the existing indian GAAP prescribed under Section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014.

Accordingly, your Company has adopted indian Accounting Standard (“ind AS”) with effect from 1st April, 2017 with the transition date of 1st April, 2016 and the Financial Statements for the year ended 31st March, 2018 have been prepared in accordance with Ind AS. The financial statements for the year ended 31st March, 2017 have also been restated to comply with Ind AS to make them comparable.

Explanations capturing areas of differences and reconciliations from indian GAAP to ind AS have been provided in the notes to accounts to the standalone and consolidated financial statements.

7. HUMAN RESOURCES

The overall satisfaction of the employees of the Company is very high. Employees continued to take charge through collaborative approach and rigorous thinking which become possible through effective HR policies and its religious implementation. The employees’ relations were peaceful and harmonious throughout the year.

8. SHARE CAPITAL AND LISTING OF SHARES

The Authorized Share Capital of the Company is Rs. 50 Crore including preference share capital of Rs. 10 Crore and subscribed & paid up Equity Share Capital of the Company is Rs. 20.40 Crore and preference share capital is Rs. 10 Crore. During the year there is no activity under the following heads:

S. No

PARTICULARS

activity during the year

1.

Issue of shares with differential rights

Nil

2.

Buy back of securities

Nil

3.

Issue of sweat equity shares

Nil

4.

Bonus shares

Nil

5.

Employees stock option

Nil

The Company’s equity shares are listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). The shares are actively traded on NSE and BSE and have not been suspended from trading.

9. SUBSIDIARY AND ASSOCIATE COMPANIES

Pursuant to Section 134 of the Companies Act, 2013 and rule 8(1) of Companies (Accounts) Rules 2014, the report on performance and financial position of subsidiaries included in the Consolidated Financial Statements of the Company. The Company has formulated a policy for determining material subsidiaries. The policy may be accessed on the website of the Company at http://www.jbmgroup. com/pdf/JBM-Auto-Ltd/Policy/Material-Subsidiary-Policy/JBMA_Auto_Material-Subsidiary.pdf

In compliance with IND AS 110, your company has prepared its Consolidated Financial Statements, which forms part of this Annual Report. Pursuant to provisions of Section 129(3) of the Companies Act, 2013, a seperate statement containing the salient features of the subsidiary companies in the prescribed form AOC-1 is a part of the Consolidated Financial Statements.

The Joint Venture partner MA SRL Italy has exited from JV Agreement as on 31.01.2018 by sale of entire holding in the JV company named ‘JBM MA Automotive Private Limited’. However, the Company is continuing its existing business.

10. ESTABLISHMENT OF NEw TOOL ROOM IN JOINT vENTURE wITH M/S OGIHARA THAILAND CO. LTD AND JAY BHARAT MARUTI LTD.

Your Company is expanding its tooling manufacturing capacity and obtaining know how for localizing High Tensile dies and critical BIW parts. Your Company is setting up a new tool room in association with M/s Ogihara Thailand Co. Ltd and M/s Jai Bharat Maruti Limited for manufacturing of press stamping dies along with Ultra High Tensile and critical BIW Dies. A new joint venture Company namely M/s JBM Ogihara Die Tech Private Limited has been incorporated. The new tool room will be situated at Greater Noida in Uttar Pradesh. The tool room will be used primarily to cater the requirements of Maruti Suzuki India Limited(MSIL) and other OEM’s localization of imported tooling.

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Directors

Pursuant to Section 149, 152 and other applicable provisions of the Companies Act, 2013, one-third of total number of Directors are liable to retire by rotation every year and, if eligible, offer themselves for re-appointment at every Annual General Meeting (AGM). Consequently, Mr. Surendra Kumar Arya, Director will retire by rotation at the ensuing AGM, and being eligible, offers himself for re-appointment in accordance with provisions of the Companies Act, 2013.

Mrs. Vimal Vashisht due to health issues, has resigned from the Directorship of the Company with effect from closure of business hours on 30th May 2017.

Further, Mrs. Pravin Tripathi has been appointed as Woman Director on the Board of the Company with effect from 4th September 2017.

The Company has received necessary declaration from all the Independent Directors under Section 149(7) of the Companies Act, 2013 confirming that they meet the criteria of independence as laid down in Section 149(6) of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

During the year, the Non-executive Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees for the purpose of attending meetings of Board and Committees of the Company.

None of the Directors of the Company is disqualified under Section 164(2) of the Companies Act, 2013 and rules made there under. Key Managerial Personnel (KMP)

Pursuant to the Provisions of Section 203 of the Companies Act, 2013 read with rules made thereunder following are designated as Key Managerial Personnel (KMP) of the Company:

(1) Mr. Sandip Sanyal - Executive Director

(2) Mr. vivek Gupta - CFO & Company Secretary

12. COMPLIANCES UNDER COMPANIES ACT, 2013

(i) Extract Of Annual Return

in accordance with section 134(3)(a) of the Companies Act, 2013, the extract of Annual return pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014 in form MGT-9 is annexed herewith as Annexure-I and forms a part of this report.

(ii) Meetings of the Board

During the financial year 2017-18, Five (5) Board Meetings were held. For details thereof kindly refer to the Corporate Governance Report forming part of this Annual Report.

(iii) Audit Committee

Detailed information of the Committee is provided in the Report on Corporate Governance forming part of this Annual Report.

(iv) Annual General Meeting

21st Annual General Meeting of the Company was held on 18th August, 2017, at Air Force Auditorium, Subroto Park, New Delhi-110010.

(v) Committees Of The Board

Detailed information on the Board and its Committees is provided in the Report on Corporate Governance forming part of this Annual Report.

(vi) Corpopate Restructuring

The Board in the meeting held on March 1st, 2018, has approved a Scheme of Merger (by way of absorption) of JBM Auto System Private Limited and JBM MA Automotive Private Limited with JBM Auto Limited. The necessary NOC/observation letter has been received from NSE & BSE on 4th June 2018. Company is seeking sanction for merger from National Company Law Tribunal Delhi and Mumbai ongoing updates can be assessed from the website of the company www.jbmgroup.com.

(vii) Company’s Policy On Appointment And Remuneration Of Directors

The criteria for determining qualifications, positive attributes and independence in terms of Act and the rules made thereunder, both in respect of independent and the other Directors as applicable has been approved by the Nomination and Remuneration Committee. The Board is well diversified and have balance of skills, experience and diversity of perspectives appropriates to the Company.

Directors are appointed/re-appointed with the approval of the Members. All directors, other than independent Directors and whole Time Director, are liable to retire by rotation, unless approved by the members. One-third of the Directors who are liable to retire by rotation, retire every year and are eligible for re-election.

The Company’s policy relating to remuneration of Directors, Key Managerial Personnel and other employee is displayed on the website of the Company at www.jbmgroup.com.

(viii) Directors’ Responsibility Statement

Pursuant to the provisions of clause (c) of Sub- section (3) of Section 134 of the Companies Act, 2013, your Directors hereby confirm that they:

i. Have followed in the preparation of Annual Accounts for the financial year 2017-18, the applicable Accounting Standards and no material departures have been made for the same;

ii. Had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2018 and of the profit of the Company for the year ended on that date;

iii. Had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. Had prepared the annual accounts on a going concern basis;

v. Have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

vi. Have devised proper systems to ensure compliance with the provisions of all applicable laws and that such system are adequate and operating effectively.

(ix) Declaration Of Independent Directors

The Independent Directors of the Company have given a declaration confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 (“the Act”) and the SEBi (Listing Regulations and Disclosure Requirements) Regulations, 2015.

The term of appointment of independent Directors may be accessed on the Company’s website at the link:

http://www.jbmgroup.com/pdf/JBM-Auto-Ltd/T&C-Appointment-of-Independent-Director/jbm-auto-appointment-of-Independent-directors.

(x) Related Party Transactions

All contracts or arrangements or transactions that were entered into by the Company during the financial year with related parties were on an arm’s length basis and in the ordinary course of business. All Related Party Transactions have been approved by the Audit Committee and Board of Directors.

Further, the prescribed details of related party transactions of the Company in Form No. AOC-2, in terms of section 134 of the Act read with rule 8 of the Company (Accounts) Rules, 2014 is given as Annexure-II to this report.

The policy on materiality of and dealing with related party transaction as approved by the Board of Directors of the Company may be accessed on the web site of the Company at http://www.jbmgroup.com/pdf/JBM-Auto-Ltd/Policy/Policy-on-Related-Party-Transaction/ JBMA_Auto_tp.pdf

(xi) Auditors And Auditor’s Report

(a) Statutory Auditors

M/s Sahni Natarajan and Bahl, Chartered Accountants, (Firm Registration No. 002816N) was appointed as the Statutory Auditors of the Company by the shareholders at 21st Annual General Meeting (AGM) held on 18th August, 2017, to hold office for a period of five consecutive years commencing from the conclusion of 21st AGM till the conclusion of the 26th Annual General Meeting.

As per MCA notification dated 7th May 2018 annual ratification for appointment of Statutory Auditor’s by the shareholders is no more required.

Pursuant to Section 139 and 141 of the Companies Act, 2013 and relevant rules prescribed there under, the Company has received certificate from the Auditors to the effect, inter-alia, that their appointment, would be within the limits laid down by the Act, shall be as per the term provided under the Act, that they are not disqualified for such appointment under the provisions of applicable laws. The

Auditors have also confirmed that they have subjected themselves to the peer review process of Institute of Chartered Accountants of India (ICAI) and hold a valid certificate issued by the Peer Review Board of the ICAI.

There is no qualification or reservation or remarks made by the Auditors in their Report. The Notes on Financial Statements referred to in the Auditors report are self-explanatory and do not require any further comments.

(b) Secretarial Auditors

in terms of Section 204 of the Companies Act 2013 and rules made there under, Mrs. Sunita Mathur, Practicing Company Secretary (CP No. 741) was appointed to conduct the Secretarial Audit of the Company for the financial year 2017-18. She has confirmed that she is eligible for the said appointment.

The Secretarial Audit Report for the financial year 2017-18 is annexed to this Report as Annexure-III

The report is self-explanatory and do not call for any further comments. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

(c) Internal Audit

in terms of the provisions of Section 138 read with Companies (Accounts) Rules 2014, and other applicable provisions, if any, of the Companies Act, 2013, on the recommendation of the Audit Committee, the Board of Directors of the Company has appointed M/s Mehra Goel & Co, Chartered Accountants, as internal Auditors of the Company to audit the internal function and activities of the Company and to review various operations of the Company; the Company continued to implement their suggestions and recommendations to improve the control environment.

(xii) Corporate Social Responsibility (CSR)

The CSR Committee of the Board of Directors has been formed comprising of three directors with Chairman being independent Director. CSR Committee has framed and formulated a CSR Policy indicating the activities to be undertaken by the Company, in accordance with schedule vii of the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014 issued under the Act. The same has also been approved and reviewed from time to time by the Board. The CSR policy is available at the website of the Company at http://www.jbmgroup.com/pdf/JBM-Auto-Ltd/Policy/CSR-Policy/JBMA_Auto_CSR_Policy.pdf. The Annual Report on CSR Activities, as stipulated under the Act forms an integral part of this Report and is appended as Annexure-Iv.

(xiii) Conservation Of Energy, Technology Absorbtion And Foreign Exchange Earnings And Outgo

information pursuant to conservation of energy, technology absorption and foreign exchange earnings and outgo, as required to be disclosed under the Companies Act, 2013 is annexed as Annexure-v and forms a part of this report.

(xiv) Remuneration Policy

The policy for selection of Directors and determining Directors independence, and the Remuneration Policy for Directors, Key Managerial Personnel & other employees are attached herewith and marked as Annexure- vI.

(xv) Particulars Of Loans, Guarantees Or Investments

Particulars of loans, guarantees and investments under Section 186 of the Companies Act, 2013 as at the end of the financial year 2017-18 are provided in the notes to standalone financial statement.

13. PERFORMANCE EVALUATION

The Board of Directors have evaluated the performance of each of independent Directors (without participation of the relevant Director). The annual evaluation of the performance of the Board, its Committees and individual Directors has been made. The evaluation criteria as approved by the Nomination and Remuneration Committee included various aspects of the functioning of Board such as composition, process and procedures including adequate and timely information, attendance, decision making, roles and responsibilities etc.

The performance of individual directors including the Chairman was evaluated on various parameters such as industry knowledge & experience, vision, commitment, time devoted etc. The evaluation of independent Directors was based on aspects like participation & contribution to the Board decisions, knowledge, experience, integrity etc.

14. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

The Statutory Auditors, Internal Auditors and Secretarial Auditors of the Company have not reported any frauds to the Audit Committee or to the Board of Directors under Section 143(12) of the Companies Act, 2013, including rules made thereunder.

15. CORPORATE GOVERNANCE

Corporate Governance refers to a set of systems, procedures and practices which ensure that the Company is managed in the best interest of all corporate stakeholders i.e. shareholders, employees, suppliers, customers and society in general.

Corporate Governance is more as a way of business life than a mere legal obligation. The Company has adopted various practices of governance confirming to highest ethical and responsible standard of business. Strong and effective implementation of governance practices in the Company have been rewarded in terms of improved share valuations, stakeholder’s confidence, market capitalization, high credit ratings, bagging of various awards etc.

A certificate from the Secretarial Auditor of the Company regarding compliance of the conditions of Corporate Governance as stipulated under Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached in Corporate Governance Report forming part of Annual Report.

16. MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis for the year as stipulated under Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is separately given and forms part of this Annual Report and provides a more detailed analysis on the performance of individual businesses and their outlook.

17. RISK MANAGEMENT

The Company has implemented a comprehensive and fully integrated ‘Enterprise Risk Management’ framework in order to anticipate, identify, measure, manage, mitigate, monitor and report the principal risks and uncertainties that can impact its ability to achieve its strategic business objectives.

This integration is enabled by alignment of Risk Management, Internal Audit, Legal and compliance methodologies and processes in order to maximize enterprise value of the Company and ensure high value creation for our stakeholder over a period of time.

18. INTERNAL FINANCIAL CONTROLS

The Directors have laid down proper and adequate system of internal financial controls to be followed by the Company and such policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the adequacy and completeness of accounting records and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

To have robust internal financial controls, the Company has in place Standard Operating Procedures for all its critical business processes. Extensive use of SAP and other software systems have also resulted in strengthening the internal financial controls and accurate reporting of operational and financial data.

19. INTERNAL CONTROLS SYSTEMS AND THEIR ADEQUACY

Your Company maintains adequate internal control system and procedures commensurate with its size and nature of operations. The internal control systems are designed to provide a reasonable assurance over reliability in financial reporting, ensure appropriate authorization of transactions, safeguarding the assets of the Company and prevent misuse/ losses and legal compliances.

The internal control system includes a well-defined delegation of authority and a comprehensive Management Information System coupled with quarterly reviews of operational and financial performance, a well-structured budgeting process with regular monitoring of expenses and Internal audit. The Internal Audit reports are periodically reviewed by the management and the Audit Committee and necessary improvements are undertaken, if required.

20. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF wOMEN AT wORKPLACE (PREvENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has laid down sexual harassment policy pursuant to provision of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and rules made there under. The objective of this policy is to provide protection against sexual harassment of women at workplace and for the prevention and redressal of complaints of sexual harassment and for matters connected therewith. The Company has zero tolerance on sexual harassment at workplace. The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the financial year 2017-18, no complaints was received under this policy. This Policy is made available at the website of the Company at http://www.jbmgroup.com/pdf/JBM-Auto-Ltd/Policy/Sexual-Harrasement-Policy/sexual-harrasement-policy.pdf

21. VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Company has a whistle Blower Policy (the “wB Policy”) with a view to provide vigil mechanism to Directors, employees and other stakeholders to disclose instances of wrongdoing in the workplace and report instances of unethical behavior, actual or suspected fraud or violation of the Company’s code of conduct or ethics policy. The Policy provides that the Company investigates such incidents, when reported, in an impartial manner and takes appropriate action. The WB Policy also provides mechanism for adequate safeguards against victimization of Director(s)/ Employees who avail of the mechanism and also provide for direct access to the Chairman of the Audit Committee in exceptional cases. The Whistle Blower Policy has been posted on the website of the Company and the details of the same are explained in the Report on Corporate Governance forming part of this Annual Report. The Whistle Blower Policy is available at the website of the Company at http://www.jbmgroup.com/pdf/JBM-Auto-Ltd/Policy/Whistle-Blower-Policy/JBMA_ whistle-Blower-Policy.pdf

22. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS

During the year under review, no significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company’s operations in future.

23. PUBLIC DEPOSITS

During the year, your Company did not accept any public deposits under Chapter v of the Companies Act, 2013 and as such, no amount on account of principal or interest on public deposits was outstanding as of 31st March, 2018.

24. MATERIAL CHANGES AND COMMITMENTS, IF ANY

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statement relate and the date of this report.

25. EMPLOYEES STOCK OPTION PLANS/SCHEMES

No Employee Stock Options were granted to the Directors or Employees of the Company during the year under review.

26. PARTICULARS OF EMPLOYEES

in terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules are form part of this Annual Report.

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are form part of the Annual Report.

However, as per first proviso to Section 136(1) of the Act, the Annual Report excluding the aforesaid information is being sent to the members of the Company. The said information is available for inspection at the registered office of the Company during working hours and any member interested in obtaining a copy of such information may write to the Company Secretary at the registered office of the Company and the same will be furnished without any fee.

27. COST RECORDS

Maintenance of cost records as specified under Section 148(1) of the Companies Act, 2013 are not applicable to the Company. Accordingly, such accounts and records are not made and maintained by the Company during the financial year 2017-18.

ACKNOWLEDGEMENT

The Board places on record its appreciation for the support and continued co-operation extended by all the customers, vendors, dealers, bankers, regulators and business associates. The Board places on record its appreciation to all the employees for their dedicated and committed services. Your Directors deeply acknowledge the continued trust and confidence that the shareholder place in the management and are confident that with their continued support, the Company will achieve its objectives and emerge stronger in the coming years.

For and on behalf of the Board of Directors of

JBM Auto Limited

Date: 06.08.2018 Sd/-

Place: Gurugram Surendra Kumar Arya

Chairman

DIN : 00004626

Source : Dion Global Solutions Limited
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