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Maan Aluminium Ltd.

BSE: 532906 Sector: Metals & Mining
NSE: MAANALU ISIN Code: INE215I01019
BSE LIVE 10:09 | 18 Oct 130.65 11.85
(9.97%)
OPEN

124.95

HIGH

130.65

LOW

123.80

NSE 10:10 | 18 Oct 130.75 11.85
(9.97%)
OPEN

124.90

HIGH

130.75

LOW

121.60

OPEN 124.95
PREVIOUS CLOSE 118.80
VOLUME 29862
52-Week high 130.65
52-Week low 31.68
P/E 20.35
Mkt Cap.(Rs cr) 88
Buy Price 130.65
Buy Qty 13097.00
Sell Price 0.00
Sell Qty 0.00
OPEN 124.95
CLOSE 118.80
VOLUME 29862
52-Week high 130.65
52-Week low 31.68
P/E 20.35
Mkt Cap.(Rs cr) 88
Buy Price 130.65
Buy Qty 13097.00
Sell Price 0.00
Sell Qty 0.00

Maan Aluminium Ltd. (MAANALU) - Auditors Report

Company auditors report

To

The Members

Maan Aluminium Limited

New Delhi

Report on the Financial Statements

We have audited the accompanying standalone financial statements of Maan AluminiumLimited (‘'the Company'') which comprise the Balance Sheet as at 31 March 2017the Statement of Profit and Loss and 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 stated in sub-section 5of Section 134 of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand 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 standalone financial statementsbased on our audit.

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 undersubsection 10 of Section 143 of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall 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 standalone financial statements

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2017 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 (‘the Order')issued by the Central Government of India in exercise of powers conferred by sub-section11 of section 143 of the Act we enclose in the Annexure "A" a statement on thematters specified in paragraphs 3 and 4 of the Order.

2. As required by sub-section 3 of Section 143 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 appears from our examination of those books;

c) the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the Directors as on March31 2017 taken on record by the Board of Directors none of the Directors are disqualifiedas on March 31 2017 from being appointed as a Director in terms of subsection 2 ofSection 164 of the Act.

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 Auditors' 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 has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 26.1 to the financial statements;

ii. The company did not have any long term contract including derivative contract 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 Khandelwal & Khandelwal Associates
Chartered Accountants
Firm Registration No. 008389C
CA. Durgesh Khandelwal
Place : New Delhi Partner
Date : 26.05.2017 M. No. 077390

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT OF MAAN ALUMINIUM LIMITEDFOR THE YEAR ENDED 31ST MARCH 2017.

(Refer to in our report of even date)

i. 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 explanation given to us no material discrepancies were noticed on suchverification.

c) According to the information and explanation gives to us and on the basis ofexamination of the records of the company the title deeds of immovable properties areheld in the name of the company

ii. The inventory except goods-in-transit has been physically verified by themanagement during the year. In respect of inventory lying with third parties these havesubstantially been confirmed by them. In our opinion the frequency of such verificationis reasonable and no material discrepancies were noticed on physical verification.

iii. In our opinion and according to information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Act. Accordingly paragraph 3(iii) of the Order is not applicable to theCompany.

iv. In our opinion and According to the information and explanation gives to us thecompany has complied with the provisions of section 185 and 186 of the Act.

v. The company has not accepted any deposits from the public in accordance with theprovisions of sections 73 to 76 of the Act and the rules framed there under.

vi. We have broadly reviewed the cost records maintained by the Company pursuant to therules prescribed by the Central Government for maintenance of cost records undersubsection 1 of Section 148 of the Act and are of the opinion that prima facie theprescribed cost records have been maintained. However we have not made a detailedexamination of the cost records with a view to determine whether they are accurate orcomplete.

vii. a) According to the information and explanations given to us the Company isgenerally regular in depositing undisputed statutory dues including Provident Fundemployees' State Insurance Income-tax Sales-tax Service Tax duty of customs duty ofexcise value added tax cess and any other statutory dues with the appropriateauthorities. According to the information and explanations given to us no undisputedamount payable in respect of Provident Fund employees' State Insurance Income-taxSales-tax Service Tax duty of customs duty of excise value added tax cess and anyother undisputed statutory dues were outstanding at the end of the year for a period ofmore than six months from the date they become payable.

b) According to information and explanations given to us the following dues have notbeen deposited by the company on the account of disputes:-

S. No. Name of Statute Nature of Dues Period to which the amount relates Amount Forum where dispute is pending
(Rs)
1. Central Sales Tax Act 1956 CST 2001-02 310803/- M P. High Court
2. Central Sales Tax Act 1956 CST 2002-03 283040/- M P. High Court
3. Central Sales Tax Act 1956. CST 2010-11 185019/- Sales Tax Appellate Tribunal
4. Central Sales Tax Act 1956. CST 2011-12 1137545/- Sales Tax Appellate Tribunal
5. Central Sales Tax Act 1956. CST 2012-13 1130647/- Sales Tax Appellate Tribunal
6. Central Sales Tax Act 1956. CST 2013-14 2124800/- Additional Commissioner of Commercial Tax (Appeal)
7. Central Sales Tax Act 1956. CST 2014-15 998886/- Additional Commissioner of Commercial Tax (Appeal)
8. Central Excise Act 1944 Excise Duty 2009-10 to 8934657/- CESAT Delhi
2012-13
9. Central Excise Act 1944 Excise Duty 2002-03 8451/- CESAT Delhi
10. Income Tax Act 1961 Income Tax 2011-12 704110/- Commissioner of Income Tax (Appeals)
11. Income Tax Act 1961 Income Tax 2014-15 5213815/- Commissioner of Income Tax (Appeals)

viii. The company has not defaulted in repayment of dues to any Financial Institutionor Bank.

The company has no debenture holders.

ix. In our opinion and according to the information and explanations given to us theCompany has not raised any money by way of initial public offer or further public offer(including debt instruments) and term loans during the year. Accordingly paragraph 3(ix)of the Order is not applicable.

x. Based upon the audit procedures performed and the information and explanations givento us no fraud by the Company or on the company by its officers and employees has beennoticed or reported during the year.

xi. According to the information and explanations given to us and based on theexamination of records of the company the company has paid or provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with schedule V to the Companies Act.

xii. According to the information and explanations given to us the company is not anidhi company. Accordingly paragraph 3(xii) of the Order is not applicable.

xiii. According to the information and explanations given to us and based on ourexaminations of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the financial statements as required byapplicable accounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

xv. According to the information and explanations given to us and based on ourexamination of the records the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For Khandelwal & Khandelwal Associates
Chartered Accountants
Firm Registration No. 008389C
CA. Durgesh Khandelwal
Place : New Delhi Partner
Date : 26.05.2017 M. No. 077390

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT OF MAAN ALUMINIUM LIMITEDFOR THE YEAR ENDED 31ST MARCH 2017.

(Refer to in our report of even date)

Report on the internal financial controls under clause (i) of sub-section 3 of section143 of the Act.

We have audited the internal financial controls over financial reporting of MaanAluminium Limited ("the Company") as of 31 March 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's responsibility for internal financial controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal controls over financial reporting criteriaestablished by the Company considering the essential components of internal controlsstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India ("ICAI").These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013 ("theAct").

Auditor's 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 deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 controls based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material 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 control systemover financial reporting.

Meaning of internal financial controls over financial reporting

A company's internal financial controls 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 controls 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 controlsover 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 control system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal controls over financial reporting criteria established by the Company consideringthe essential components of internal controls stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by ICAI

For Khandelwal & Khandelwal Associates
Chartered Accountants
Firm Registration No. 008389C
CA. Durgesh Khandelwal
Place : New Delhi Partner
Date : 26.05.2017 M. No. 077390