You are here » Home » Companies » Company Overview » Madhav Copper Ltd

Madhav Copper Ltd.

BSE: 538398 Sector: Metals & Mining
NSE: MCL ISIN Code: INE813V01022
BSE 05:30 | 01 Jan Madhav Copper Ltd
NSE 00:00 | 25 Nov 25.85 0.15
(0.58%)
OPEN

24.70

HIGH

26.05

LOW

24.70

OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Madhav Copper Ltd. (MCL) - Auditors Report

Company auditors report

To

The Members of

MADHAV COPPER LIMITED

Bhavnagar.

Report on the Ind AS Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements of Madhav CopperLimited ("the Company") which comprise the Balance Sheet as at 31st March2021 and the Statement of Profit and Loss (including other comprehensive income)the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information (hereinafter referred to as "Ind AS financial statements").

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 Companies Act 2013 (" the Act") in the manner so required and give atrue and fair view in conformity with the Indian Accounting Standards prescribed undersection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended ("Ind AS") and other accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2020 and its profit(including Other Comprehensive profit) changes in equity and its cash flows for the yearended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs")specified under section 143(10) of the Companies Act 2013 (''the Act"). Ourresponsibilities under those SAs are further described in the Auditor's Responsibilitiesfor the Audit of the Financial Results section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the financial results under the provisions of the Act and the Rules there under andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion.

Responsibilities of management and those charged with Governance for the Ind ASFinancial 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 Ind AS financial statements that give a true and fair view of the state of affairs(financial position) profit or loss (financial performance including other comprehensiveincome) cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)prescribed under Section 133 of the Act.

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 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 financial statements managements is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial resultsas a whole is free from material misstatement whether due to fraud or error and to issuean auditor's report that includes our opinion. Reasonable assurance is a high level ofassurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthis financial results.

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 Financial Resultswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the companyhas adequate internal financial controls with reference to financial statements in placeand the operating effectiveness of such controls

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theability of the Company to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Statement 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 FinancialResults including the disclosures and whether the Financial Results represent theunderlying transactions and events in a manner that achieves fair presentation.

• 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 havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

Other matter

The financial information of the Company for the year ended 31st March 2021 and thetransition date opening Balance Sheet as at 01st April 2019 included in these Ind ASfinancial statements are based on the previously issued statutory financial statements forthe years ended 31st March 2020 and 31st March 2019 prepared in accordance with theCompany's (Accounting Standards) Rules 2006 (as amended) which were audited by us onwhich we expressed an unmodified opinion dated 30th June 2020 and 30th May 2019respectively. The adjustments to those financial statements for the differences inaccounting principles adopted by the Company on transition to Ind AS have been audited byus.

Our opinion is not modified in respect of this matter.

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-I a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report to the extent applicable 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 and returns adequate forthe purposes of our audit have been received from the branches not visited by us.

c) The reports on the accounts of the branch office (NIL) of the company audited undersection 143(8) of the Act by branch auditors have been sent to us and have been properlydealt with us in preparing this report.

d) The Balance Sheet the Statement of Profit and Loss the Cash Flow Statement and theStatement of Change in Equity dealt with by this Report are in agreement with the books ofaccount and with the returns received from branches (NIL) not visited by us

e) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act to the extent applicable.

f) With respect to the adequacy of internal financial control over financial reportingof the company and the operating effectiveness of such controls refer to our separatereport in the Annexure-II and

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

1) The Company has disclosed the impact of pending litigations on its financialposition in its Ind AS financial statements.

2) The Company did not have any material foreseeable losses on long-term contractincluding derivative contracts.

3) According to the information and explanations given to us there were no amountswhich were required to be transferred to Investor Education and Protection Fund by thecompany.

For Nirav Patel & Co.
Chartered Accountants
F.No.134617W
(Nirav B. Patel)
Partner
M. No. 149360 Place: Bhavnagar
UDIN: 21149360AAAACI9397 Date:29/06/2021

ANNEXURE-I

Reports under The Companies (Auditor's Report) Order 2016 (CARO 2016) for the yearended on 31st March 2021

To

The Members of Madhav Copper Limited

1. In Respect of Fixed Assets

a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed Assets.

b) The company has a regular program of physical verification of its fixed assets bywhich all fixed assets are verified in a phased manner over a period of three years.Accordingly fixed assets of some plants &/or offices of the company were verified byinternal staff during the year and no material discrepancies were noticed on suchverification. In our opinion the periodicity of physical verification is reasonablehaving regard to the size of the company and the nature of its assets. We also to get itverified from external agencies.

c) The company has taken steps to maintain register of Land and Building ( immovableproperty ) showing the details of title deeds held in the name of company or otherwiseincluding total number of such cases and whether the same are leasehold/freehold.

However the amount of gross block and net block of immovable property as on thebalance sheet have been shown in the financial records.

2. In Respect of Inventories

a) According to the information and explanations given to us the inventories ofFinished Goods Raw Materials and store & spares have been physically verified by themanagement/ external agencies during the year.

b) In our opinion the periodicity of physical verification is reasonable having regardto the size of the company and the nature of its business.

c) The Company is maintaining proper records of inventories. In our opinion certaindiscrepancies arising out of verification of store & spares between the physicalstocks and book records were noticed which were not material considering size of thecompany and the nature of its business and the same have been properly dealt with in thebooks of accounts.

3. Compliance under section 189 of The Companies Act 2013

a) According to the information and explanation given to us the company has notgranted any loans secured or unsecured to companies firms limited liability partnershipor other parties covered in the register maintained under section 189 of the companiesAct 2013

b) This clause is not applicable since there are no loans granted during period coveredunder audit.

c) There is no overdue amount of loans granted to Companies firms or other partieslisted in the register maintained under section 189 of the companies Act 2013

4. Compliance under section 185 and 186 of The Companies Act 2013

According to information and explanation given to us the company has not advanced anyloan given any guarantee or provided any security in connection with such loan andgiven/made any loan/investment within the meaning of section 185 and 186 of the companiesAct2013 and as such reporting under this clause is not applicable to the company.

5. Compliance under section 73 to 76 of The Companies Act 2013 and Rules framedthere under while accepting Deposits

According to the information and explanation given to us the company has not acceptedany deposit from the public within the meaning of section 73 to 76 or any other relevantprovisions of companies Act 2013 and the Rules framed there under and as such reportingunder this clause is not applicable to the company.

6. Maintenance of cost records

According to the information and explanations given to us maintenance of cost recordsby the company has been specified by central Government under sub section (1) of thesection 148of the companies Act 2013. We have broadly reviewed such cost records and weare of the opinion that prima facie such accounts and records have been made andmaintained. We have not however made a detailed examination of records with a view todetermine whether they are accurate and complete.

7. Deposit of statutory Dues

(a) According to the records of the company and information and explanations given tous the company is generally regular in depositing undisputed statutory dues includingprovident fund employee state insurance income tax sales tax service tax custom dutyduty of excise value added tax Cess and other statutory dues with the appropriateauthorities where applicable. There is no arrear of outstanding statutory dues as at 31stmarch 2021 for a period of more than six months from the date they became payableexcepting Rs.0.36 Lac of professional Tax and 0.80 Lac of IGST Payable.

(b) According to the records of the company and information and explanations given tous the following are the details disputed statutory dues including provident fundemployee state insurance income tax sales tax service tax custom duty duty of excisevalue added tax Cess and other statutory dues as on 31st March 2021.

Name of the Statue Nature of Dues Period to which amount relates Forum where dispute is pending Amount (In Lac)
Central Excise Act Cenvat and Additional Duty on Import Purchase F.Y.2014-15 Appellate Tribunal 18.00
Central Excise Act Cenvat and Additional Duty on Import Purchase F.Y.2015-16 Appellate Tribunal 32.87

8. Repayment of Loans and Borrowings

According to the information and explanations given to us the Company has notdefaulted in repayment of loan or borrowing to financial institutions banks orgovernment.

9. Utilization of Money Raised by Public Offers and Term Loan for which they raised

According to the information and explanations given to us the company did not raiseany money by way of initial public offer or further public offer (including debtinstruments) or term loan during the year.

10. Reporting of fraud During the Year

According to the information and explanations given to us no fraud by the company orany fraud on the company by its officers and employees has been noticed or reported duringthe year.

11. Managerial Remuneration

According to the information and explanation given to us provisions of sections 197 ofcompanies Act 2013 regarding managerial remuneration has been paid or provided within thelimit.

12. Compliance by Nidhi company Regarding net owned Fund to deposit Ratio

Regarding In our opinion and according to the information and explanations given to usthe company is not a Nidhi company and as such reporting under this clause is notapplicable to the company.

13. Related Party Compliance with Section 177 and 188 of Companies Act -2013

According to the information and explanation given to us and based on our examinationof the records of the company transactions with the related parties are in compliancewith sections 177 and 188 of the companies Act2013 where applicable and details ofsuchtransactions have been disclosed in note no 1 in the financial statements as requiredby the applicable accounting standards where applicable.

14. Compliance under Section 42 of Companies Act - 2013 Regarding private Placementof Shares or Debentures

According to the information and explanation given to us and based on our examinationof the records of the company the company has not made any preferential allotment orprivate placement of shares or shares or fully or partly convertible debentures during theyear and as such reporting under this clause is not applicable to the company.

15. Compliance under Section 192 of Companies Act - 2013

According to the information and explanation given to us and based on our examinationof the records of the company the company has not entered into any non-cash transactionswith directors or persons connected with him/her and such reporting under this is notapplicable to the company.

16. Requirements of Registration under 45 - IA of Reserve Bank of India Act1934

In our opinion the company is not required to be registered under section 45-IA of thereserve bank of India Act 1934 and as such reporting under this clause is not applicableto the company.

For Nirav Patel & Co.
Chartered Accountants
F.No.134617W
(Nirav B. Patel)
Partner
M. No. 149360 Place: Bhavnagar
UDIN: 21149360AAAACI9397 Date:29/06/2021

ANNEXURE-II

To The Independent Auditor'S Report Of even date on the Ind AS Financial statements of MadhavCopper Limited

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of theCompanies Act2013 ("the Act")

We have audited the internal financial controls over financial reporting of MadhavCopper Limited ("the Company") as of 31st March 2021 in conjunction with ouraudit of the Ind AS 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 ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including 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 the timely preparation of reliable financial information asrequired under the 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 Standardsand the Guidance Note require that we comply with ethicalrequirements and planand performthe audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintainedand ifsuch 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 Ind AS 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 controls systemover financial 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 place in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March 2021 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Nirav Patel & Co.
Chartered Accountants
F.No.134617W
(Nirav B. Patel)
Partner
M. No. 149360 Place: Bhavnagar
UDIN: 21149360AAAACI9397 Date: 29/06/2021

.