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Maan Aluminium Ltd.

BSE: 532906 Sector: Metals & Mining
NSE: MAANALU ISIN Code: INE215I01019
BSE 15:28 | 25 Apr 87.00 -1.45
(-1.64%)
OPEN

87.20

HIGH

87.20

LOW

87.00

NSE 15:19 | 25 Apr 87.25 -0.55
(-0.63%)
OPEN

89.50

HIGH

89.50

LOW

87.25

OPEN 87.20
PREVIOUS CLOSE 88.45
VOLUME 191
52-Week high 153.80
52-Week low 78.50
P/E 7.34
Mkt Cap.(Rs cr) 59
Buy Price 87.05
Buy Qty 50.00
Sell Price 88.00
Sell Qty 100.00
OPEN 87.20
CLOSE 88.45
VOLUME 191
52-Week high 153.80
52-Week low 78.50
P/E 7.34
Mkt Cap.(Rs cr) 59
Buy Price 87.05
Buy Qty 50.00
Sell Price 88.00
Sell Qty 100.00

Maan Aluminium Ltd. (MAANALU) - Auditors Report

Company auditors report

To

The Members

Maan Aluminium Limited

New Delhi

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of MaanAluminium Limited ("the Company") which comprise the Balance Sheet as at31st March 2018 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act.

This responsibility also includes 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 standalone IndAS 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 Ind AS financialstatements based on our audit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder. We conductedour audit of the standalone Ind AS financial statements in accordance with the Standardson Auditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the standalone Ind AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlsrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2018 and its profit total comprehensive income its cash flowsand the changes in equity for the year ended on that date.

Other Matters

The comparative financial information of the Company for the year ended 31st March2017 and the transition date opening Balance Sheet as at 1st April 2016 included in thesestandalone Ind AS financial statements are based on the statutory financial statementsprepared in accordance with the Companies (Accounting Standards) Rules 2006 audited by uswhose report for the year ended 31st March 2017 and 31st March 2016 dated 26th May 2017and 16th May 2016 respectively expressed an unmodified opinion on those standalonefinancial statements as adjusted for the differences in the accounting principles adoptedby the Company on transition to the Ind AS which have been audited by us.

Our opinion on the standalone Ind AS financial statements and our report on Other Legaland Regulatory Requirements below is not modified in respect of these matters.

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 the Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account.;

d) in our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the Directors as on March31 2018 taken on record by the Board of Directors none of the Directors are disqualifiedas on March 31 2018 from being appointed as a Director in terms of sub-section 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 32.1 to 32.3 the Ind AS financialstatements;

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 : 25.05.2018 M. No. 077390

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT OF MAAN ALUMINIUM LIMITEDFOR THE YEAR ENDED 31st MARCH 2018.

(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 explanations given to us and the records examinedby us including registered title deeds we report that the title deeds comprising allthe immovable properties of land and buildings which are freehold are held in the name ofthe Company as at the Balance Sheet date. In respect of immovable properties of land thathave been taken on lease and disclosed as property plant and equipment in the financialstatements the lease agreements are in the name of the Company where the Company is thelessee in the agreement.

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 GST 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 GST cess andany other undisputed statutory dues were outstanding at the end of the year for a periodof more than six months from the date they become payable. b) According to information andexplanations given to us the following dues have not been deposited by the company on theaccount of disputes:-

S. No. Name of Statute Nature of Dues Period to which the amount relates Amount (Rs.) Forum where dispute is pending
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 Sales Tax Act 1956. CST 2015-16 1396096/- Additional Commissioner of Commercial Tax (Appeal)
9. Central Excise Act 1944 Excise Duty 2009-10 to 2012-13 8934657/- CESAT Delhi
10. Central Excise Act 1944 Excise Duty 2002-03 8451/- CESAT Delhi
11. Income Tax Act 1961 Income Tax 2011-12 704110/- Commissioner of Income Tax (Appeals)
12. 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 Ind AS.

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 : 25.05.2018 M.No. 077390

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT OF MAAN ALUMINIUM LIMITEDFOR THE YEAR ENDED 31st MARCH 2018.

(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 2018 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat date.

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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 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 2018 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 : 25.05.2018 M.No. 077390