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Mahasagar Travels Ltd.

BSE: 526795 Sector: Services
NSE: N.A. ISIN Code: INE007G01014
BSE LIVE 15:15 | 15 Sep 9.44 -0.49
(-4.93%)
OPEN

9.44

HIGH

9.44

LOW

9.44

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.44
PREVIOUS CLOSE 9.93
VOLUME 1500
52-Week high 11.49
52-Week low 4.80
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.44
Sell Qty 200.00
OPEN 9.44
CLOSE 9.93
VOLUME 1500
52-Week high 11.49
52-Week low 4.80
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.44
Sell Qty 200.00

Mahasagar Travels Ltd. (MAHASAGARTRAVEL) - Auditors Report

Company auditors report

To

The members of

Mahasagar Travels Limited Junagadh.

1. Report on the Financial Statements

We have audited the accompanying financial statements of MAHASAGAR TRAVELS LIMITED("The Company") which comprise the Balance Sheet as at March 31 2015 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information.

2. 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 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 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.

3. 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 have conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. 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 theauditor's 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 atMarch 31 2015;

(b) In the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

5. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2015 ('the Order') issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure a statement on the matters specified in the paragraph 3 and 4 of theOrder to the extent applicable.

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 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 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 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (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 opinionand to the best of our information and according to the explanations given to us:

I. The Company does not have any pending litigations which would impact its financialposition.

II. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

ForB.H.Advani & Associates
Place: Junagadh Chartered Accountants
Dated: 21.05.2015 F.R.No: 117127W
(B.H. Advani)
Sole Proprietor
M. No:102464 FRN: 117127W

ANNEXURE REFERRED TO IN PARAGRAPH 5(1) OF OUR REPORT OF EVEN DATE TO THE SHAREHOLDERSOF MAHASAGAR TRAVELS LIMITED

1. a) The company has maintained requisite records showing required particularsincluding quantitative details and situation of its fixed assets.

b) According to the information and explanation given to us by the management of thecompany most of the fixed assets of the company have been physically verified by themanagement during the year and the intervals of such verification had also beenreasonable.

2. a) As explained to us by the management and as observed by us the inventory of rawmaterial finished goods stores and spares etc. has been physically verified during theyear and specifically at the year-end by the management. In our opinion the frequency ofphysical verification is reasonable having regard to the size and nature of business ofthe company.

b) In our opinion the procedure for physical verification of inventories followed bythe management is reasonable and adequate in relation to the size of the company and thenature of its business.

c) On the basis of examination of the records of inventory we are of the opinion thatthe company is maintaining proper records of inventory and no material discrepancy wasnoticed on physical verification of the same.

3. a) Based on our scrutiny and as per information and explanations provided to us bythe management the company has not granted loans to persons covered in the registersmaintained under section 189 of the Companies Act 2013.

b) Since no loans are accepted by company therefore we have no comments to offerregarding regularity of re-payment of the said loan or otherwise. In view of commentsherewith we have no comments to offer under sub-clause b) to this clause.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and itsnature of business with regard to purchases fixed assets and sales. During our course ofaudit no major weakness was noticed by us in the existing internal control system invogue.

5. a) in case the company has accepted deposits whether the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act and the rules framed there under where applicable havebeen complied with? If not the nature of contraventions should be stated. *THE COMPANYHAS NOT ACCEPTED ANY DEPOSIT FROM PUBLIC.

b) If an order has been passed by Company Law Board or National Company Law Tribunal orReserve Bank of India or any court or any other tribunal whether the same has beencomplied with or not? - NOT APPLICABLE

6. We have been informed by the management that the maintenance of cost records has notbeen prescribed by the Central Govt under section (1) of section 148 of the CompaniesAct 2013.

7. a) According to the books and records as produced and examined by us in accordancewith Generally Accepted Auditing Practices in India and also based on managementrepresentations undisputed statutory dues in respect of provident fund employee stateinsurance income tax wealth tax service tax sales tax value added tax excise dutycess and other material statutory dues have generally been regularly deposited by thecompany with the appropriate authorities in India.

According to information and explanations given to us no undisputed amounts payable inrespect of income tax service tax and excise duty were outstanding as on 31st March 2015for a period more than six months from the date the same became payable.

According to the information and explanations given to us there are no material duesof wealth tax duty of customs and cess which have not been deposited with the appropriateauthorities on account of any dispute. However according to information and explanationsgiven to us the following dues of income tax sales tax service tax and value added taxhave not been deposited by the Company on account of disputes:

SR. NO. NAME OF THE STATUE DISPUTE AMOUNT PERIOD TO WHICH AMOUNT RELATED FORUM WHERE DISPUTE IS PENDING
1. THE INCOME TAX ACT 1961 7162051 F.Y. 07-08 & 08-09 GUJARAT HIGH COURT
2. THE INCOME TAX ACT 1961 3868320 F.Y. 2010 -11 CIT (APPEALS) IV Ahmedabad
3. THE INCOME TAX ACT 1961 3800000 F.Y. 2011 -12 CIT (APPEALS) IV Ahmedabad
4. THE INCOME TAX ACT 1961 (TDS) 367014 F.Y. 2012 -13 CIT(appeal) Rajkot
5. THE INCOME TAX ACT 1961 (TDS) 81600 F.Y. 2013 -14 CIT(appeal) Rajkot
6. SERVICE TAX 18871086 APRIL 2006 TO FEBRUARY 2011 CESTATE Ahmedabad

b) Whether the amount required to be transferred to investor education and protectionfund in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) andrules made there under has been transferred to such fund within time.

8. Whether in case of a company which has been registered for a period not less thanfive years its accumulated losses at the end of the financial year are not less thanfifty per cent of its net worth and whether it has incurred cash losses in such financialyear and in the immediately preceding financial year; We have no such losses.

9. As observed by us and as per the information and explanations given by themanagement we are of the opinion that the company has not defaulted in repayment of duesto its financial institution or bank during the year under audit.

10. As per the information and explanations given to us the company has not given anyguarantee for loans taken by others from any bank or financial institutions. Hencereporting on terms and conditions of any such guarantee is irrelevant to our reporting.

11. As observed by us the company has applied the Term Loans raised from Banks for thepurpose for which they were raised;

12. Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the year under audit and even up to the date of our audit.

Place: Junagadh ForB.H.Advani & Associates
Dated: 21.05.2015 Chartered Accountants
(B.H. Advani)
Sole Proprietor
M. No:102464 FRN: 117127W

AUDITOR'S CERTIFICATE

To

The members

Mahasagar Travels Limited

Junagadh

Gujarat-362 001

We have examined the compliance of conditions of Corporate Governance by MahasagarTravels Limited for the year ended on 31st March 2015 as stipulated in Clause 49 of thelisting Agreement of the said company with Stock Exchange.

The Compliance of conditions of Corporate Governance is the responsibility of themanagement. Our examination was limited to the procedures and implimentation thereofadopted by the company for ensuring the compliance conditions of the corporate governance.It is neither and audit nor an expression of the financial statements of the company.

In our Opinion and to the best of our information and accordingly to the explanationsgiven to us we certify that the company has complied with the conditions of corporategovernance as stipulated in the above listing agreement.

We state that one investor grievience is pending for a period exceeding one monthagainst the company as per records maintained by the share holder / investor grieviencecommittee

We further state that such compliance is neither an assurance as to the futureviability of the company nor the efficiency or effictiveness with which the management hasconducted the affairs of the company .

Place: Junagadh ForB.H.Advani & Associates
Dated: 21.05.2015 Chartered Accountants
(B.H. Advani)
Sole Proprietor
M. No:102464 FRN: 117127W