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Maithan Alloys Ltd.

BSE: 590078 Sector: Metals & Mining
NSE: MAITHANALL ISIN Code: INE683C01011
BSE LIVE 15:41 | 12 Dec 803.65 7.85
(0.99%)
OPEN

819.95

HIGH

849.95

LOW

791.00

NSE 15:54 | 12 Dec 800.95 4.10
(0.51%)
OPEN

820.00

HIGH

849.00

LOW

787.00

OPEN 819.95
PREVIOUS CLOSE 795.80
VOLUME 159560
52-Week high 849.95
52-Week low 253.20
P/E 7.93
Mkt Cap.(Rs cr) 2,339
Buy Price 0.00
Buy Qty 0.00
Sell Price 803.65
Sell Qty 828.00
OPEN 819.95
CLOSE 795.80
VOLUME 159560
52-Week high 849.95
52-Week low 253.20
P/E 7.93
Mkt Cap.(Rs cr) 2,339
Buy Price 0.00
Buy Qty 0.00
Sell Price 803.65
Sell Qty 828.00

Maithan Alloys Ltd. (MAITHANALL) - Auditors Report

Company auditors report

To the members of

Maithan Alloys Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of MaithanAlloys Limited (the "Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in Section134(5) of ‘the Companies Act 2013' of India (the "Act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. 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.

5. 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 standalone financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the standalone financial statements. The procedures selected dependon the auditor's judgement including the assessment of the risks of material misstatementof the standalone financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone financial statements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes 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 standalone financial statements.

7. 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

8. 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:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017;

(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 for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

9. As required by ‘the Companies (Auditors' Report) Order 2016' issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act wegive in the "Annexure A" a statement on the matters specified in paragraphs 3and 4 of the Order.

10. 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 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 accompanying standalone financial statements dealt with by thisreport comply with the Accounting Standards specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014;

(e) On the basis of written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors as on 31stMarch 2017 from being appointed as a director in terms of Section 164(2) 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";

(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 knowledge and belief and according to the information andexplanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements- Refer Note 32.01(a) to the Standalonefinancial statements;

ii. The Company has made provision as at 31st March 2017 as required under theapplicable law or accounting standards for material foreseeable losses on long-termcontracts including derivative contracts;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended 31st March2017;

iv. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 on the basis of information available with the company. Basedon audit procedures and relying on management's representations we report thatdisclosures are in accordance with the books of accounts maintained by the Company- ReferNote 18.01 to the Standalone financial statements.

For D K Chhajer & Co.
Chartered Accountants
Firm Registration No. 304138E
Dilip Kumar Saha
Place: Kalyaneshwari Partner
Date: 9th May 2017 Membership No. 014464

Annexure A to Independent Auditors' Report

Referred to in paragraph 9 of the Independent Auditors' Report of even date to themembers of MAITHAN ALLOYS LIMITED on 31st March 2017. the Standalone financial statementsfor the year ended 31st March 2017.

i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets of the Company have been physically verified by the Management atreasonable intervals and no material discrepancies have been noticed on such verification.

(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.

ii. The physical verification of inventory has been conducted at reasonable intervalsby the Management and no material discrepancies were noticed on such verification

iii. The Company has not granted any loans secured or unsecured to companies limitedliability partnership firm firms or other parties covered in the register maintainedunder Section 189 of the Act. Therefore the provisions of Clause 3(iii)[(a) (b) and (c)]of the said Order are not applicable to the Company.

iv. The Company has neither granted any loan provided any guarantee or security norpurchased any investments so the provisions of Clause 3(iv) of the order is not applicableto the Company.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 to 76 of the Act and the rules framed there under. Therefore the provision ofclause 3(v) of the order is not applicable on the company.

vi. Pursuant to the rules made by the Central Government of India the Company isrequired to maintain Cost Records as specified under Sec 148(1) of the act in respect ofits products.

vii. We have broadly reviewed the same and are of the opinion that prima facie theprescribed accounts and records have been made and maintained. We have not however madea detailed examination of the records with a view to determine whether they are accurateor complete.

viii. (a) The Company is generally regular in depositing the undisputed statutory duesincluding provident fund employees' state insurance income tax sales tax service taxduty of customs duty of excise value added tax cess and other material statutory duesas applicable with the appropriate authorities. According to the information andexplanations given to us no undisputed amounts payable in respect of the aforesaid dueswere outstanding as at 31st March 2017 for a period of more than six months from the dateof becoming payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income-tax sales-tax service-tax duty ofcustoms duty of excise value added tax which have not been deposited on account of anydispute. The particulars of dues of income-tax sales-tax service-tax duty of customsduty of excise value added tax as at 31st March 2017 which have not been deposited onaccount of dispute are as follows:

Name of the statute Nature of dues Amount (Rs.) Period to which the amount relates Forum where the dispute is pending
The Central Excise Act 1944 Excise Duty & Service Tax 1045052 2006-07 CESTAT Kolkata
The Central Excise Act 1944 Excise Duty & Service Tax 4497245 2007-08 CESTAT Kolkata
The Central Excise Act 1944 Excise Duty & Service Tax 1236512 2008-09 CESTAT Kolkata
The Central Excise Act 1944 Excise Duty & Service Tax 498473 2008-09 Commissioner (Appeal) Kolkata
The Central Excise Act 1944 Excise Duty & Service Tax 1090780 2008-09 Assistant Commissioner Asansol
The Central Excise Act 1944 Excise Duty & Service Tax 4284911 2009-10 CESTAT Kolkata
The Central Excise Act 1944 Excise Duty & Service Tax 445698 2009-10 CESTAT Kolkata
The Central Excise Act 1944 Excise Duty & Service Tax 339190 2009-10 CESTAT Kolkata
The Central Excise Act 1944 Excise Duty & Service Tax 2713055 2009-10 CESTAT Kolkata
The Central Excise Act 1944 Excise Duty & Service Tax 114215 2009-10 CESTAT Kolkata
The Central Excise Act 1944 Excise Duty & Service Tax 98051 2010-11 CESTAT Kolkata
The Central Excise Act 1944 Excise Duty & Service Tax 7054065 2012-13 CESTAT Kolkata
The Central Excise Act 1944 Excise Duty & Service Tax 660880 2013-14 Addl. Commissioner Bolpur
The Central Excise Act 1944 Excise Duty & Service Tax 1061626 2013-14 Addl. Commissioner Bolpur
The Central Sales Tax (Meghalaya Amendment) Rule 1973 Central Sales Tax 65697583 2013-14 Shilong High Court
The Central Excise Act 1944 Excise Duty & Service Tax 583411 2013-14 Addl. Commissioner Bolpur
The Central Excise Act 1944 Excise Duty & Service Tax 200606 2013-14 Assistant Commissioner Asansol
The Central Excise Act 1944 Excise Duty & Service Tax 371057 2013-14 Assistant Commissioner Asansol
The Central Excise Act 1944 Excise Duty & Service Tax 115006 2014-15 Assistant Commissioner Asansol
The Central Excise Act 1944 Excise Duty & Service Tax 3151800 2013-14 Addl. Commissioner Bolpur
The Central Excise Act 1944 Excise Duty & Service Tax 6015000 2014-15 Commissioner Bolpur
The Central Excise Act 1944 Excise Duty & Service Tax 56864 2016-17 Assistant Commissioner Bolpur
The Central Excise Act 1944 Excise Duty & Service Tax 23857 2016-17 Assistant Commissioner Bolpur
The Central Excise Act 1944 Excise Duty & Service Tax 5090935 2016-17 Joint Commissioner Bolpur

viii. The Company has not defaulted in repayment of loans or borrowings to anyfinancial institution or banks at the balance sheet date.

ix. The Company has not raised any money by way of initial public offer/further publicoffer (including debt instruments)/term loans. Accordingly the provisions of clause 3(ix)of the Order are not applicable to the Company.

x. We have neither come across any instance of material fraud on or by the Companynoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. The managerial remuneration has been paid/provided in accordance with the requisiteapprovals mandated by the provisions of sec 197 read with Schedule V of the Companies Act2013.

xii. As the Company is not a Nidhi Company the provisions of clause 3(xii) of theOrder is not applicable.

xiii. The Company has entered into transactions with related parties in compliance withthe provisions of Sec 177 and 188 of the act. The details of such related partytransactions have been disclosed in the standalone financial statement as required by theapplicable accounting standards.

xiv. No money was raised through preferential allotment/ private placements ofshares/fully/partly convertible debentures during the year under review hence theprovisions of clause 3(xiv) of the said order is not applicable to the Company.

xv. The Company has not entered into any non-cash transactions with its directors orperson connected with him. Accordingly clause 3(xv) of the Order are not applicable tothe Company.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly the provision of clause 3(xvi) are not applicabletothe Company.

For D K Chhajer & Co.
Chartered Accountants
Firm Registration No. 304138E
Dilip Kumar Saha
Place: Kalyaneshwari Partner
Date: 9th May 2017 Membership No. 014464

Annexure ‘B' to Independent Auditors' Report

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF MAITHAN ALLOYS LIMITED

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 MaithanAlloys Limited ("the Company") as at 31st 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 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 the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial 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 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 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 31st 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 D K Chhajer & Co.
Chartered Accountants
Firm Registration No. 304138E
Dilip Kumar Saha
Place: Kalyaneshwari Partner
Date: 9th May 2017 Membership No. 014464