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Manaksia Ltd.

BSE: 532932 Sector: Metals & Mining
NSE: MANAKSIA ISIN Code: INE015D01022
BSE 14:27 | 19 Dec 42.00 0.10
(0.24%)
OPEN

42.10

HIGH

42.10

LOW

42.00

NSE 14:26 | 19 Dec 42.20 -0.05
(-0.12%)
OPEN

42.00

HIGH

43.85

LOW

42.00

OPEN 42.10
PREVIOUS CLOSE 41.90
VOLUME 72
52-Week high 81.00
52-Week low 36.35
P/E 9.15
Mkt Cap.(Rs cr) 275
Buy Price 42.25
Buy Qty 200.00
Sell Price 42.45
Sell Qty 4.00
OPEN 42.10
CLOSE 41.90
VOLUME 72
52-Week high 81.00
52-Week low 36.35
P/E 9.15
Mkt Cap.(Rs cr) 275
Buy Price 42.25
Buy Qty 200.00
Sell Price 42.45
Sell Qty 4.00

Manaksia Ltd. (MANAKSIA) - Auditors Report

Company auditors report

To the Members of Manaksia Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of MANAKSIALIMITED ("the Company") which comprise the Balance Sheet as at 31st March 2018the Statement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes In Equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information (herein afterreferred to as "standalone Ind AS financial statements).

Management's Responsibility for the Standalone Ind AS 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 stateof affairs (financial position) profit or loss (financial performance including othercomprehensive income) cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards specified under Section 133 of the Act read with relevant Rules issuedthereunder.

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.

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.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

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 auditor's 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 controlrelevant 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 we have obtained 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 including the Ind AS of thestate of affairs(financial position) of the Company as at 31st March 2018 and its profit(financial performance including other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.

Other Matter

The audit of comparative financial information of the Company for the year ended 31stMarch 2018 prepared in accordance with applicable Accounting Standards was carried out bythe predecessor auditor vide their unmodified report dated 19th May 2017 whose reporthave been furnished to us by the management and which have been relied upon by us for thepurpose of our audit of the financial results. Our audit report is not modified in respectof this matter.

Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act we give in "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

II. 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 accounts as required by law have been kept by theCompany so far as it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss the Cash Flow Statement and theStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account.

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with relevantRules issued thereunder.

e. On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporti ng 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 Auditor's 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 litigati ons on its financial position in its standalone Ind AS financial statements (Refer Note No. 32 to the standalone IndAS financial statements).

ii. The Company did not have any material foreseeable losses on long-term contractsincluding derivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For S. K. AGRAWAL & CO.
Chartered Accountants
Firm's Registration Number- 306033E
(Hemant Kumar Lakhotia)
Place: Kolkata Partner
Dated: May 16 2018 Membership No: 068851

ANNEXURE-A

To The Independent Auditor's Report

The Annexure referred to in our Independent Auditor's Report to the members of MANAKSIALIMITED (the Company') on the standalone Ind

AS financial statements for the year ended on 31st March 2018. We report that:

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

(b) The Company has a regular programme of physical verificati on of its fixed assetsby which fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

(c) According to information and explanation 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 inventories have been physically verified during the year by the management atregular intervals. In our opinion and according to the information and explanations givento us no material discrepancies were noticed on physical verification.

iii. (a) The terms and conditions in respect of the loans granted by the Company(secured/ unsecured loans) to companies/firms/limited

liability partnerships or other parties covered in the register maintained undersection 189 of the Act are not prima-facie prejudicial to the interest of the Company.

(b) In respect of the aforesaid loans the parties are repaying the principal amountsas stipulated and are also regular in payment of interest where applicable.

(c) In respect of the aforesaid loans there is no overdue amount for a periodexceeding 90 days.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of sections 185 and 186 of the Companies Act2013 in respect of loans investments guarantees and securities made.

v. The Company has not accepted any deposits from the public.

vi. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules prescribed by the Central Government for maintenance of cost records undersection 148 (1) of the Act and are of the opinion that prima facie the prescribedaccounts and records have been made and maintained.

vii. According to the information and explanations given to us in respect of statutorydues :

(a) The Company has been regular in depositing undisputed statutory dues includingProvident Fund Employees State Insurance Income Tax Service Tax Sales Tax Value AddedTax duty of Custom duty of Excise Cess and other statutory dues with the appropriateauthorities during the year. According to the information and explanations given to us noundisputed amounts payable in respect of the aforesaid dues were outstanding as at 31stMarch 2018 for a period of more than six months from the date they became payable.

(b) According to information and explanations given to us the following dues of incometax sales tax service tax and value added tax have not been deposited by the Company onaccount of disputes :

Name of Statute Nature of Dues Amount under dispute not yet deposited (in lakhs) Financial Year to which the amount relates Forum where the dispute is pending
The Finance Act 1994 Service tax 36.24 2005-2010 The Commissioner Central Excise(Appeals-1 Kolkata)
The Finance Act 1994 Service tax 52.40 2006-2010 C.E.S.T.A.T Kolkata
Income Tax Act 1961 Income Tax 4.22 2011-2012 C.I.T.(A)-24 KOLKATA
Income Tax Act 1961 Income Tax 14.29 2012-2013 ITAT Kolkata
Income Tax Act 1961 Income Tax 44.90 2013-2014 C.I.T.(A)-24 Kolkata
Income Tax Act 1961 Income Tax 976.99 2010-2011 C.I.T. (A)-22 Kolkata
The Central Sales Tax Act 1956 Sales Tax/ VAT 1.60 1986-1987 The West Bengal Commercial Taxes Appellate & Revision Board

 

Name of Statute Nature of Dues Amount under dispute not yet deposited (in lakhs) Financial Year to which the amount relates Forum where the dispute is pending
The Central Sales Tax Act 1956 Sales Tax/ VAT 2.88 2004-2005 The Kolkata High Court
The Central Sales Tax Act 1956 Sales Tax/ VAT 60.26 2010-2011 Additional Commissioner Commercial Taxes (WB)
The Central Sales Tax Act 1956 Sales Tax/ VAT 0.03 2004-2005 Additional Commissioner Commercial Taxes (WB)
The Central Sales Tax Act 1956 Sales Tax/ VAT 0.91 2007-2008 Additional Commissioner of Commercial Tax Authority-Government of west Bengal
The Central Sales Tax Act 1956 Sales Tax/ VAT 47.10 2008-2009 Additional Commissioner of Commercial Tax-Fast Track court
The Central Sales Tax Act 1956 Sales Tax/ VAT 13.95 2009-2010 Fast Track Revision Authority The Commercial Tax Authority-Government of west Bengal
The Central Sales Tax Act 1956 Sales Tax/ VAT 19.21 2009-2010 Senior Joint Commissioner The Commercial Tax Authority-Government of West Bengal
The Central Sales Tax Act 1956 Sales Tax/ VAT 7.40 2010-2011 Additional Commissioner The Commercial Tax Authority-Government of West Bengal
The Central Sales Tax Act 1956 Sales Tax/ VAT 13.55 2011-2012 West Bengal Appellate & Revision Board-Review Case
The Central Sales Tax Act 1956 Sales Tax/ VAT 32.94 2012-2013 The senior Joint Commissioner Lal Bazar Charge
The Central Sales Tax Act 1956 Sales Tax/ VAT 114.02 2014-2015 Joint Commissioner Chowringhee Circle
The Central Sales Tax Act 1956 Sales Tax/ VAT 1.39 2007-2008 Calcutta High Court

viii. In our opinion and according to information and explanations given by themanagement we are of the opinion that the Company has not defaulted in the repayment ofdues to financial insti tution banks Government and debenture holders.

ix. To the best of our knowledge and belief and according to the information andexplanations given to us no term loans availed by the Company. The Company did not raiseany money by way of initial public offer or further public offer (including debtinstruments) during the year.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to the informati on and explanati ons given to us the Company haspaid/provided for managerial remunerations in accordance with the requisite approvalsmandated by the provisions of Sec 197 read with Schedule V to the Act.

xii. In our opinion and according to the informati on and explanati ons given to usthe Company is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transacti ons with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransacti ons have been disclosed in the standalone Ind AS financial statements asrequired by the applicable accounting standards.

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 informati on and explanati ons given to us and based on ourexaminati on of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(xv)of the Order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

ANNEXURE-B

To The Independent Auditor's Report

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

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 reporti ng ofManaksiaLimited ("the Company") as of March 31 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 Reporti ngissued by the Insti tute of Chartered Accountants of India ('ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the ti mely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporti ng based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporti ng (the "Guidance Note") and the Standards on Auditing (the'Standards') issued by ICAI and deemed to be prescribed under section 143 (10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporti ng and their operati ngeffecti veness. Our audit of internal financial controls over financial reporti ngincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operati ng effectiveness of internal control based on the assessed risk.The procedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone financial statements whether due tofraud 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 Reporti ng

A company's internal financial control over financial reporti ng 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 accounti ng principles. A company's internal financial control over financialreporti ng includes those policies and procedures that (i) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transacti ons anddispositi ons of the assets of the company; (ii) 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 a uthorizati ons ofmanagement and directors of the company; and (iii) provide reasonable assurance regardingprevention or timely detecti on of unauthorized acquisiti on use or dispositi on 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 evaluati on of the internal financial controls over financialreporti ng to future periods are subject to the risk that the internal financial controlover financial reporti ng may become inadequate because of changes in conditi ons 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 over financial reporting and such internal financial controls overfinancial reporting were operating effecti vely as at March 31 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 S. K. AGRAWAL & CO.
Chartered Accountants
Firm's Registration Number- 306033E
(Hemant Kumar Lakhotia)
Place: Kolkata Partner
Dated: May 16 2018 Membership No: 068851