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Mahavir Industries Ltd.

BSE: 531648 Sector: Engineering
NSE: N.A. ISIN Code: INE987M01023
BSE LIVE 14:19 | 16 Aug 6.30 0
(0.00%)
OPEN

6.30

HIGH

6.30

LOW

6.30

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.30
PREVIOUS CLOSE 6.30
VOLUME 4
52-Week high 8.85
52-Week low 3.58
P/E
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.30
Sell Qty 496.00
OPEN 6.30
CLOSE 6.30
VOLUME 4
52-Week high 8.85
52-Week low 3.58
P/E
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.30
Sell Qty 496.00

Mahavir Industries Ltd. (MAHAVIRINDUST) - Auditors Report

Company auditors report

TO THE MEMBERS OF MAHAVIR INDUSTRIES LIMITED

1. Report on the Financial Statement

We have audited the accompanying financial statements of Mahavir IndustriesLimited(Formerly known as Croitre Industries Limited) ("the Company") whichcomprise the Balance Sheet as at March 31 2016 the Statement of Profit and Loss for theyear then ended Cash Flow Statement and a summary of significant accounting policies andother explanatory information.

2. Management’s Responsibility for the Financial Statement

The management and Board of Directors of the Company are responsible for the mattersstated in Section 134 (5) of the Companies Act2013 ("the Act") with respect tothe preparation of these 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 Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of Companies (Accounts)Rules2014. This responsibility includes the maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting 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 financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting 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.

3. Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken in to account the provisions of the Act the accounting and auditingstandards and matters which required to be included in the audit report under theprovisions of the Act and Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143 (10) of the Act. ThoseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the financial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal control relevant to the Company’spreparation and fair presentation of the financial statements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances butnot for the purpose of expressing an opinion on whether the Company has in place anadequate internal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany’s management and Board of Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion.

4. 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:

i) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2016;

ii) in the case of the Statement of Profit and Loss Account of the Losses for the yearended on that date; and

iii) in the case of the Cash Flow Statement of the cash flow for the year ended onthat date.

5. Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 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 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 the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) in our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards specified under section 133 of the Actread with Rule 7 of the Companies (Accounts) Rule2014;

e) on the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164 (2) ofthe 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 ourseparate report in "Annexure B"; and

g) in our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014;

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; assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the investor Education and Provident Fund. The question of delayin transferring such sums does not arise.

For SOLANKI & ASSOCIATES
CHARTERED ACCOUNTANTS
D.J.SOLANKI
(PROPRIETOR) Place: Mumbai
MEMBERSHIP NO. 043434 Date: 30/05/2016
FR No. 110332W

"Annexure A" referred to in paragraph 5 of our Report of even date to themembers of Mahavir Industries Limited on the accounts of the Company for the year endedMarch 31 2016

i. The Company does not have Fixed Assets during the year hence the requirements ofthe clauses 3 (i) (a) to (c) are not applicable to the Company.

ii. In respect of inventories:

a. As explained to us inventories have been physically verified during the year by themanagement at reasonable intervals.

b. In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c. In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

iii. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties covered in the register maintained undersection 189 of the Companies Act 1956 (the ‘Act’) accordingly the clauses 3(iii) (a) to (c) of the Order are not applicable to the Company.

iv. According to the information and explanations given to us the company has noloans investments and guarantees covered by the provisions of Section 185 and 186 of theCompanies Act 2013 accordingly the clause 3 (iv) is not applicable to the company.

v. The Company has not accepted any deposits from the public. We are informed by themanagement that no order has been passed by the Company Law Board or National Company LawTribunal or Reserve Bank of India or nay court or any other Tribunal.

vi. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of section 148 of the Act.

vii. (a) According to the information and explanations given to us and based on therecords of the company examined by us the Company is regular in depositing the undisputedstatutory dues including provident fund Employees’ State Insurance income-taxsales-tax wealth-tax service-tax custom duty excise duty cess and other materialstatutory dues where applicable with the appropriate authorities in India. According tothe information and explanations given to us there are no undisputed amounts payable inrespect of such statutory dues which have remained outstanding as at 31stMarch2016 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of income-tax wealth-tax service-taxsales-tax customs duty and excise duty which have not been deposited on account of anydispute.

(c ) There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question ofreporting delay in transferring such sums does not arise.

viii. The company has accumulated losses at the end of the financial year which is notless than 50% of its net worth. The Company has incurred Cash loss during the currentyear the Company has not incurred Cash loss during the immediately preceding financialyear .

ix. According to the records of the company examined by us and as per the informationand explanations given to us the Company has not taken any loans from financialinstitutions or banks and has not issued debentures.

x. In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loan taken by others from a bank or financialinstitution during the year.

xi. In our opinion and according to the information and explanations given to us theCompany has not taken any the term loans during the year.

xii. During the course of our examination of the books and records of the Companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe period covered by our audit nor have been informed of any such instance by themanagement.

xiii. On the basis of our examination and according to the information and explanationsgiven to us the company has not paid managerial remuneration accordingly the provisionsof Section 197 read with Schedule V of the Companies Act2013 are not applicable.

xiv. In our opinion the company is not a Nidhi Company. Therefore the provisions ofClause 3(xii) of the Order are not applicable to the company.

xv. According to the information and explanations given to us the Company has notdealt in any transactions with the related parties therefore provisions of Section 188and 177 of the Companies Act 2013 are not applicable to the Company.

xvi. According to the information and explanations given to us the Company has notmade any preferential allotment / private placement of shares or fully or partlyconvertible debentures during the year under review accordingly the requirements ofSection 42 of the Companies Act 2013 are not applicable.

xvii. According to the information and explanations given to us the Company has notentered in to any non-cash transactions with the directors or persons connected with him.Accordingly provisions of Section 192 of the Companies Act 2013 are not applicable.

For SOLANKI & ASSOCIATES
CHARTERED ACCOUNTANTS
D.J.SOLANKI
(PROPRIETOR) Place: Mumbai
MEMBERSHIP NO. 043434 Date: 30/05/2016
FR No. 110332W

"Annexure B" referred to in paragraph 2 (f) of our Report of even date to themembers of Mahavir Industries Limited on the accounts of the Company for the year endedMarch 31 2016

Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section143 of the Companies Act2013 ("the Act").

We have audited the internal financial controls over financial reporting of MahavirIndustries Limited ("the Company) as of March 31 2016 in conjunction with our auditof 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and timely preparation of reliable financial information as requiredunder the Companies Act2013.

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 Control Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by the Institute ofChartered Accountants of India and deemed to be prescribed under Section 143 (10) of theCompanies Act2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 includesobtaining 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 procedureselected depends 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting.

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to maintenanceof records 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 ofmanagement 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 controlover financial reporting were operating effectively as at March 31 2016 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 SOLANKI & ASSOCIATES
CHARTERED ACCOUNTANTS
D.J.SOLANKI
(PROPRIETOR) Place: Mumbai
MEMBERSHIP NO. 043434 Date: 30/05/2016
FR No. 110332W