The Members of
Maan Aluminium Limited
Report on the Audit of the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements ofMaanAluminium Limited ("the Company") which comprise the Balance sheet as atMarch 31
2021 the Statement of Profit and Loss including the statement of Other ComprehensiveIncome the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.
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 Companies Act 2013 as amended ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2021 its profit including other comprehensive income its cash flows and the changesin equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing
(SAs) as specified under section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit ofthe Standalone Ind AS Financial Statements' section of our report. We are independent ofthe Company in accordance with the Code of Ethics' issued by the Institute ofChartered Accountants of India together with the ethical requirements that are relevant toour audit of the financial statements under the provisions of the Act and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our audit opinion on the standaloneInd AS financial statements.
Information Other than the Financial Statements and Auditors' Report Thereon
The Company's Management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the standalone financial statements and our auditors'report thereon.
Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.
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 the financial positionfinancial performance including other com -prehensive income cash flows and changes inequity of the
Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Actread with the Companies (Indian Accounting Standards) Rule 2015 as amended. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone
Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
In preparing the standalone Ind AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so. The Board of Directors are also responsible foroverseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone Ind AS financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3) (i) ofthe Companies Act 2013 we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls with reference to financial statements inplace and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.
Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation. We communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditors' report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.
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 terms of Section 143 (11) of the Act we givein the "Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order to the extent applicable.
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 standalone balance sheet the standalone statement of profit and loss includingother comprehensive income the standalone statement of cash flows and the standalonestatement of changes in equity dealt with by this report are in agreement with the booksof account;
(d) In our opinion the aforesaid standalone financial statements comply with theIndian Accounting
Standards (Ind AS) specified under Section 133 of the Act;
(e) On the basis of the written representations received from the directors as on 31March 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2021 from being appointed as a director in terms of Section164 (2) of the Act; and
(f) With respect to the adequacy of the internal financial controls with reference tothe standalone financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B".
(g) In our opinion the managerial remuneration for the year ended March 31 2021 hasbeen paid / provided by the Company to its directors in accordance with the provisions ofsection 197 read with Schedule V to the Act; (h) With respect to the other matters to beincluded in the Auditors' Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 in our opinion and to the best of our information and according tothe explanations given to us: i. the Company has disclosed the impact of pendinglitigations as at 31 March 2021 on its financial position in Note 33.1 to 33.4 to thestandalone financial statements; ii. the Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses; iii.there has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended 31 March 2021.
TO THE INDEPENDENT AUDITOR'S REPORT OF MAAN ALUMINIUM LIMITED FOR THE YEAR ENDED 31ST MARCH 2021.
(Refer to in our report of even date) i. a) The Company has maintained properrecords showing full particulars including quantitative details and situation of fixedassets.
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 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 Right of Use Assets in the financial statementsthe lease agreements are in the name of the Company where the Company is the lessee inthe agreement.
ii. The inventory except goods-in-transit and stocks lying with third parties hasbeen physically verified by the management during the year. In respect of inventory lyingwith third parties these have substantially been confirmed by them. In our opinion thefrequency of such verification is reasonable and no material discrepancies were noticed onphysical 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
Limited Liability Partnerships or other parties covered in the register maintainedunder section 189 of the Act. Accordingly paragraph 3(iii) of the Order is not applicableto the Company.
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. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits from the public in accordance with the provisions ofsections 73 to 76 of the Act and the rules framed there under.assets Accordinglyparagraph 3(v) of the Order is not applicable to the Company.
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 applicable to it includingProvident Fund Employee's State Insurance Income Tax Customs Duty Goods and ServiceTax cess and other material statutory dues applicable to it to the appropriateauthorities.
According to the information and explanations given to us there were no undisputedamount payable in respect of Provident Fund Employee's State Insurance Income TaxCustoms Duty Goods and Service Tax cess and any other material statutory dues wereoutstanding at the end of the year for a period of more than six months from the date theybecome payable. b) According to information and explanations given to us the followingdues have not been deposited by the company on the account 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 ||361269/- ||Sales Tax Appellate Tribunal Indore |
|4. Central Sales Tax Act 1956. ||CST ||2011-12 ||1377545/- ||Sales Tax Appellate Tribunal Indore |
|5. Central Sales Tax Act 1956. ||CST ||2012-13 ||1633647/- ||Sales Tax Appellate Tribunal Indore |
|8 Central Sales Tax Act 1956. ||CST ||2015-16 ||1396096/- ||Additional Commissioner of Commercial Tax (Appeal) Indore |
|9 Central Sales Tax Act 1956. ||CST ||2016-17 ||1300137/- ||Additional Commissioner of Commercial Tax (Appeal) Indore |
|10 Central Excise Act 1944 ||Excise Duty ||2009-10 to 2012-13 ||8934657/- ||Assistant Commissioner Pithampur CGST & EXCISE Div-I |
|11 Income Tax Act 1961 ||Income Tax ||2010-11 ||4169990/- ||Commissioner of Income Tax (Appeals) VI New delhi |
|12 Income Tax Act 1961 ||Income Tax ||2014-15 ||5213815/- ||ITAT Indore |
viii. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to any Financial Institution or Bank. Thecompany 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. To the best our knowledge and according to the information and explanations given tous 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 as prescribed under Section 406 of the Act. Accordingly paragraph 3(xii) ofthe 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. According to the information and explanations given to us the Company isnot required to be registered under Section 45-IA of the Reserve Bank of India Act 1934.
TO THE INDEPENDENT AUDITOR'S REPORT OF MAAN ALUMINIUM LIMITED FOR THE YEAR ENDED 31ST MARCH 2021.
(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 2021 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 ("the Act").
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 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 effectonthefinancial 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.
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 2021 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 of Internal Financial Controls Over Financial Reporting issued byInstitute of Chartered Accountants of India.
For M A K & Associates
Firm Registration No. 003060C
|Place: Indore ||CA. Kunji Lal Kushwaha |
|Date : 31.05.2021 ||Partner |
|UDIN: 21415037AAAAAM5000 ||M. No. 415037 |