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Mahan Industries Ltd.

BSE: 531515 Sector: Financials
NSE: N.A. ISIN Code: INE735D01033
BSE LIVE 15:14 | 31 Jul Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.49
PREVIOUS CLOSE 0.49
VOLUME 1000
52-Week high 0.64
52-Week low 0.49
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.49
Sell Qty 92010.00
OPEN 0.49
CLOSE 0.49
VOLUME 1000
52-Week high 0.64
52-Week low 0.49
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.49
Sell Qty 92010.00

Mahan Industries Ltd. (MAHANINDS) - Auditors Report

Company auditors report

TO THE MEMBERS OF MAHAN INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying Financial statements of MAHAN INDUSTRIES LIMITED("the company") which comprise the Balance Sheet as at 31 March 2015 theStatement of Profit and Loss the 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 section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Financial Statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 ofthe Act read with Rule 7 ofthe Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were 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 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 there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation 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 Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India: -

a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2015;

b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to as the " Order") and on the basis of such checks of thebooks and records of the company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure a statement on thematters specified in the paragraph 3 and 4 of the Order.

2. 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 purposes 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 the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) in our opinion the aforesaid Financial Statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) on the basis of the written representations received from the Directors as on 31stMarch 2015 are taken on record by the Board of Directors none of the Director isdisqualified as on 31st March 2015 from being appointed as a Director in termsof Section 164 (2) of the Act.

(f) with respect to the other matters to be included in the Auditor’s Report inaccordance with

Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest 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;

ii In our opinion and as per the information and explanation provided to us the Companyhas not entered into any long-term contracts including derivatives contract requiringprovision under applicable laws or accounting standards for material foreseeable losses.

iii. the company is not required to transfer any amount to Investor Education andProtection Fund.

ANNEXURE TO THE AUDITOR'S REPORT

The Annexure referred to in our report to the members of MAHAN INDUSTRIES LIMITED forthe year Ended on 31stMarch 2015 we report that:

1) (a) In our opinion and according to the information and explanation given to us the

company is maintaining proper records showing full particulars including quantitativedetails and situation of fixed assets;

(b) In our opinion the fixed assets have been physically verified by the management atreasonable intervals having regard to the size of the company and the nature of itsassets. No material discrepancies were noticed on such verification.

2) As the company has not purchased /sold goods during the year nor there is anyopening stock requirement of reporting on physical verification of stock or maintenanceof inventory record in our opinion does not arises.

3) The company has not granted any loans secured or unsecured to the parties

covered in the register maintained under Section 189 of the companies Act 2013.Accordingly clauses III (a) (b) &(c) ofthe Order are not applicable.

4) In our opinion and according to the information and explanation given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to the purchase of shares fixed assets and with regardto the sale of shares. During the course of our audit no major weakness has been noticedin the internal controls.

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

6) The central government has not prescribed the maintenance of cost records undersection 148(1) of the Act in respect of any of the company's shares and hence para 3(vi)of CARO 2015 is not applicable.

7) (a) According to the information and explanations given to us and on the basis

of our examination of the records of the Company amounts deducted/ accrued in thebooks of account in respect of undisputed statutory dues including provident fund incometax sales tax wealth tax service tax duty of customs value added tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. As explained to us the Company did not have any dues onaccount of employees' state insurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax wealth tax service tax dutyof customs value added tax cess and other material statutory dues were in arrears as at31 March 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of wealth tax duty of customs and cess which have not been deposited with theappropriate authorities on account of any dispute. However according to information andexplanations given to us the dues of income tax have not been deposited by the Companyon account of disputes:

Name of the statute Nature of dues Amount (in Rs) Period to which the amount relates Forum where dispute is pending
Income Tax Income tax 6584951/- A. Y. 2006-07 CIT Appeal

(c) the company is not required to transfer the amount of investor education andprotection fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956)

8) The Company does have accumulated losses at the end of the financial year and hasincurred cash losses in the financial year and in the immediately preceding financialyear.

9) According to the records of the company the company has not borrowed from financialinstitutions or banks or issued debentures till 31st March 2015. Hence in ouropinion the question of reporting on defaults in repayment of dues to financialinstitutions or banks or debentures does not arise.

10) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.

11) According to the records of the company the company has not taken any term loansduring the year hence comments under the clause are not Called for.

12) Based on the audit procedures performed and informations and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the course of our audit.

For NB & Associates
Chartered Accountants
F. R. N.: - 137865W
Nishil Khandhar
Partner Place: Ahmedabad
M. no: -157541 Date: -27th May 2015