You are here » Home » Companies » Company Overview » Inani Marbles & Industries Ltd

Inani Marbles & Industries Ltd.

BSE: 531129 Sector: Others
NSE: N.A. ISIN Code: INE635D01027
BSE 15:40 | 23 Feb 21.10 1.15
(5.76%)
OPEN

19.45

HIGH

22.45

LOW

19.35

NSE 05:30 | 01 Jan Inani Marbles & Industries Ltd
OPEN 19.45
PREVIOUS CLOSE 19.95
VOLUME 4100
52-Week high 43.00
52-Week low 18.10
P/E 58.61
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.45
CLOSE 19.95
VOLUME 4100
52-Week high 43.00
52-Week low 18.10
P/E 58.61
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Inani Marbles & Industries Ltd. (INANIMARBLES) - Auditors Report

Company auditors report

To

The Members of

INANI MARBLES & INDUSTRIES LIMITED

Report on the Financial Statements:

We have audited the accompanying financial statements of M/S Inani Marbles &Industries Limited which comprise the Balance Sheet as at March 31 2017 theStatement of Profit & Loss and cash flow statement for the year ended and a summary ofthe 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 stated in Section134(5) of the Companies Act 2013 with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flow of the company in accordance with the accounting principles generallyaccepted in India including Accounting Standard specified in section 133 of the Act readwith rule 7 of the companies (Accounts) Rules 2014.

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 polices; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrols that are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 provision of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovision of the Act and Rules made there under.

We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India as specified under Section 143(10) of the Act.Those standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amount anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risk of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessment; the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedure that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidences we have obtained is sufficient and appropriate to providea basis for our audit opinion on the financial statement

Opinion:

In our opinion and to the best of our information and according to explanations givento us the financial statements give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31stMarch 2017 and its financial performance and its cash flow for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order 2016 (the order) issuedby the Central Government of India in terms of section (11)of section 143 of the Act wegive in the annexure A statement on matters specified in paragraph 3 and 4 of the order.

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 purpose 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 Cash Flow Statement dealtwith by this report are in agreement with the books of Accounts.

(d) In our opinion financial statement comply with the Accounting Standards specifiedsection 133 of the Act read with the rule 7 of the Companies (Accounts) Rules 2014.

(e) On the basis of written representation received from the directors as on March 312017 and taken on record by the Board of Director none of the directors is disqualifiedas on March 31 2017 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 control 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) Rules2014 in our opinionand to the best of our information and according to the explanation given to us:

(i) The Company has disclosed the impact of pending litigation on its financialposition in its financial statements.

(ii) The Company did not have any long term contracts including derivatives contractfor which there were any material foreseeable losses.

(iii) There were no amount which were required to be transferred to the InvestorsEducation and Protection Fund by the Company.

(iv) The Company has provided requisite disclosures limits financial statements as toholding as well as dealing in specified Bank Notes during the period from November 8 2016to December 30 2016 and there are in accordance with the books of accounts maintained bythe Company. Refer Note No. 36 to the financial statements.

For: Nyati Mundra & CO. For: Mahesh C. Solanki & Co.
Chartered Accountants Chartered Accountants
(FRN. 008153C) (FRN. 06228C)
CA. R.K. NYATI CA Jagdish Rathi
(Partner) (Partner)
M.N.070692 M.N. 039303
Place: Chittorgarh
Date: 06.06.2017

ANNEXURE "A" TO THE AUDITORS' REPORT

Referred to of our report of even date to the members of the Company on the financialstatements for the year ended 31st March 2017 we report that;

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

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all items over a period of three years which in our opinionis reasonable having regard to the size of the Company and the nature of its assets.Pursuant to the programme a portion of the fixed assets has been physically verified bythe Management during the year and no material discrepancies have been 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.

(2) As explained to us the inventory has been physically verified at reasonableintervals during the year by the management. In our opinion the frequency of verificationis reasonable. The discrepancies between the physical stocks and the book stocks were notmaterial in relation to the operation of the Company and the same have been properly dealtwith in the books of account.

(3) The Company has not granted any loans secured or unsecured to Companies firms orparties covered in the register maintained under section 189 of the Companies Act 2013.

(4) 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 if any.

(5) The Company has not accepted any deposits from the public.

(6) We have broadly reviewed the books of account maintained by the Company in respectof products where the maintenance of cost records has been specified by the CentralGovernment under subsection (1) of Section 148 of the Act and the rules framed there underand we are of the opinion that prima facie the prescribed accounts and records have beenmade and maintained.

(7) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted in the books of account inrespect of undisputed statutory dues like income tax tax deduct at source and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of provident fund income tax sales tax wealthtax service tax duty of customs value added tax cess and other material statutory dueswere in arrears as at 31 March 2017 for a period of more than six months from the datethey became payable.

(b) According to the information and explanations given to us the followingparticulars of statutory dues that have not been deposited by the Company on account ofdisputes a/c Nil:

(8) According to the records of the company examined by us and the information andexplanation given to us the company has not defaulted in repayment of loans or borrowingsto any financial institution of bank or Government as at balance sheet date.

(9) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) According to the information and explanationsgiven to us and on basis of the records examined by us we state that the Company hasprima facie applied the term loan for the purpose for which it was obtained.

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

(11) 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.

(12) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(13) 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.

(14) According to the information and explanations given 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.

(15) 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 paragraph 3(xv) ofthe Order is not applicable.

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

For: Nyati Mundra & CO. For: Mahesh C. Solanki & Co.
Chartered Accountants Chartered Accountants
(FRN. 008153C) (FRN. 06228C)
CA. R.K. NYATI CA Jagdish Rathi
(Partner) (Partner)
M.N. 070692 M.N. 039303
Place: Chittorgarh
Date: 06.06.2017

Annexure B to the Auditors' Report

Referred to in paragraph 2(f) ot the Independent Auditor's Report of even date to themembers of Company on the financial statements for the year ended 31 March 2017 we reportthat;

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 ('the Act')

We have audited the internal financial controls over financial reporting of InaniMarbles & Industries Ltd. ('the Company') as of 31 March 2017 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to the Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the 'Guidance Note') and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditors' judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations of theManagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For: Nyati Mundra & CO. For: Mahesh C. Solanki & Co.
Chartered Accountants Chartered Accountants
(FRN. 008153C) (FRN. 06228C)
CA. R.K. NYATI CA Jagdish Rathi
(Partner) (Partner)
M.N.070692 M.N. 039303
Place: Chittorgarh
Date: 06.06.2017