Independent Auditor's Report on the Quarterly and Year to Date Standalone FinancialResults of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 as amended
The Board of Directors of Mahesh Developers Limited
Report on Audit of the Financial Statements
We have audited the accompanying financial results of Mahesh Developers Limited whichcomprises the Balance sheet the statement of Profit and Loss the Cash flow statement anda summary of significant accounting policies and other explanatory information for thequarter ended March 31 2020 and for the year ended March 31 2020 attached herewithbeing submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 as amended ('ListingRegulations').
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial results:
(i) Are presented in accordance with the requirements of the Listing Regulations inthis regard and
(ii) Gives a true and fair view in conformity with the applicable accounting principlesgenerally accepted in India of the net profit and other financial information of theCompany for the quarter ended March 312020 and for the year ended March 312020.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Companies Act 2013 as amended (the Act") andother applicable authoritative pronouncements issued by the Institute of CharteredAccountants of India. Our responsibilities under those Standards are further described inthe 'Auditor's responsibilities for the audit of the financial results' section of ourreport. We are independent of the Company in accordance with the Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial results under the provisionsof the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence obtained by us is sufficient and appropriate to provide a basisfor our opinion.
Emphasis of Matter
We draw attention to current pandemic which explains the uncertainties and themanagement's assessment of the financial impact due to the lockdown and other restrictionsrelated to the COVID-19 pandemic situation for which a definitive assessment of theimpact in the subsequent period is highly dependent upon circumstances as they evolve.
Management's Responsibilities for the Consolidated Financial Results
These financial results have been prepared on the basis of the annual financialstatements. The Company's Board of Directors are responsible for the preparation andpresentation of these financial results that give a true and fair view of the net profitand other comprehensive income and other financial information of the Company and thestatement of cash flows in accordance with the recognition and measurement principles laiddown in the Indian Accounting Standards prescribed under Section 133 of the Act read withrelevant rules issued thereunder and other accounting principles generally accepted inIndia and in compliance with Regulation 33 of the Listing Regulations. The Board ofDirectors of the Company are responsible for 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 the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error which have been used for the purpose ofpreparation of the financial results by the Directors of the Company as aforesaid.
In preparing the financial results the Board of Directors of the Company areresponsible for assessing the ability of the Company to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.
The Board of Directors of the Company are also responsible for overseeing the financialreporting process of the Company.
Auditor's Responsibilities for the audit of the Financial Results
Our objectives are to obtain reasonable assurance about whether the financial resultsas a whole are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes our opinion. Reasonable assurance is a high levelof assurance 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 ofthese financial results. As part of an audit in accordance with SAs we exerciseprofessional judgment and maintain professional skepticism throughout the audit. We also:
(i) 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.
(ii) 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.
(iii) Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the Board of Directors.
(iv) Conclude on the appropriateness of the Board of Directors use of the going concernbasis 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 financial results or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.
(v) Evaluate the overall presentation structure and content of the financial resultsincluding the disclosures and whether the financial results represent the underlyingtransactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance of the Company 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.
The financial results include the results for the quarter ended March 31 2020 beingthe balancing figures between the audited figures in respect of the full financial yearand the published unaudited year to date figures up to the third quarter of the currentfinancial year which were subject to limited review by us as required under the listingregulations.
The annual financial results dealt with by this report has been prepared for theexpress purpose of filing with stock exchanges on which Company's shares are listed.
These results are based on and should be read with the audited financial statements ofthe Company for the year ended March 31 2020 on which we issued an unmodified auditopinion vide our report dated July 30/07/2020.
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