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Manaksia Ltd.

BSE: 532932 Sector: Metals & Mining
NSE: MANAKSIA ISIN Code: INE015D01022
BSE 00:00 | 17 Oct 40.60 -2.00
(-4.69%)
OPEN

42.60

HIGH

43.00

LOW

40.05

NSE 00:00 | 17 Oct 40.45 -1.10
(-2.65%)
OPEN

41.90

HIGH

43.75

LOW

40.00

OPEN 42.60
PREVIOUS CLOSE 42.60
VOLUME 2405
52-Week high 84.90
52-Week low 36.35
P/E 8.88
Mkt Cap.(Rs cr) 266
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 42.60
CLOSE 42.60
VOLUME 2405
52-Week high 84.90
52-Week low 36.35
P/E 8.88
Mkt Cap.(Rs cr) 266
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Manaksia Ltd. (MANAKSIA) - Auditors Report

Company auditors report

To the Members of Manaksia Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of Manaksia Limited(the "Company") which comprise the Balance Sheet as at March 31 2017 thestatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularitiesselection and application of appropriate accounting policies making judgments andestimates that are reasonable and prudent and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters that are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the standards on auditing specified undersection 143 (10) of the Act those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 and its profits and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016(''the Order'') issued bythe Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act 2013 we give in the 'Annexure A'; a statement on the matters specified inthe paragraph 3 and 4 of the said 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 Balance Sheet the Statement of Profit and Loss and the Cash Flow statementdealt with by this report are in agreement with the books of account.

d. In our opinion the aforesaid standalone financial statements comply with theaccounting standards specified under section 133 of the Act read with rule 7 of theCompanies (Accounts) Rules 2014

e. On the basis of the written representations received from the Directors as on 31stMarch 2017 taken on record by the Board of Directors none of the Directors aredisqualified as on 31st March 2017 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 litigations on its financial position in its financial statements. Refer additional note-23 to the standalone financialstatements;

ii. the Company has made provision as required under the applicable law or accountingstandard for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection fund by the company.

iv. the Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are in accordance with the booksof accounts maintained by the Company. Refer Note-29 to the standalone financialstatements.

For SRB & Associates
(Chartered Accountants)
Firm's Registration No.-310009E
Bisworanjan Sutar
Kolkata (Partner)
19th May 2017 Membership No.-66708

ANNEXURE-A

To The Independent Auditor's Report

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

The Annexure referred to in our Independent Auditor's Report to the members of ManaksiaLimited (the Company) on the standalone financial statements for the year ended March 312017 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 verification of its fixed assetsby which all fixed assets are verified in a phased manner over a period of two years. Inour opinion this periodicity of physical verification is reasonable having regard to thesize of the Company and the nature of its assets. Pursuant to such program a portion offixed asset has been physically verified by the management during the year and no materialdiscrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us thetitle deeds of immovable properties are held in the name of the Company.

(ii) The Company is a trading company primarily engaged in trading of goods &rendering of services. Accordingly it does not hold any physical inventories. Thusparagraph 3(ii) of the Order is not applicable to the Company.

(iii) (a) According to the information and explanations given to us the terms andconditions in respect of the loans granted by the

Company (secured/ unsecured loans) to companies/firms/limited liability partnerships orother parties covered in the register maintained under section 189 of the Act are notprima-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 section 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

(v) In our opinion and according to the informati on and explanati ons given to us theCompany has not accepted any deposits and accordingly paragraph 3 (v) of the Order is notapplicable.

(vi) Reporting under clause 3(vi) of the Order is not applicable as the Company'sbusiness activities are not covered by the Companies (Cost Records& Audit) Rules2014.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income-tax sales tax service tax duty of customs duty of excise valueadded tax cess and other material statutory dues have been generally regularly depositedduring the year by the Company with the appropriate authorities.

(b) According to the information and explanations given to us the following dues ofService Tax Income Tax & Sale Tax/VAT have not been deposited by the Company onaccount of disputes :

Sl. No. Name of the Statute Nature of the Dues Forum where Disputes is pending Amount (Rs)
1. Central Excise Act 1944 Service Tax The Commissioner Central Excise(Appeals-1 Kolkata) 3624612/-
C.E.S.T.A.T KOLKATA 5240442/-
2. Income Tax Act 1961 Income Tax C.I.T.(A)-22KOLKATA 22457580/-
C.I.T.(A)-22KOLKATA 18050/-
C.I.T.(A)-24KOLKATA 422000/-
ITAT KOLKATA 1428649/-
C.I.T.(A)-24KOLKATA 4489663/-
The West Bengal Commercial Taxes Appellate & Revision Board 159970/-
3. Central Sales Tax Act 1956 & Sales Tax Act of Various States Sales Tax/VAT The Kolkata High Court 287752/-
Fast Track Revision Authority (WB) 1533111/-
Additional Commissioner Commercial Taxes (WB) 6029224/-
The Sr. Joint Commissioner Commercial Taxes (WB) 12109777/-

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of dues to any financial institutions bankersand government or debenture holders during the year.

(ix) In our opinion and according to the information and explanations given to us noterm loans were availed by the Company. The Company has not raised any moneys by way ofinitial public offer or further public offer (including debt instruments) during the year.

(x) According to the information and explanations given to us no fraud by the Companyor on by its officers or employees has been noticed or reported during the course of ouraudit.

(xi) According to the information and explanations given to us managerial remunerationhas been paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with schedule V to the Companies Act.

(xii) In our opinion and according to the information and explanations given to us theCompany 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 transactions with the related parties are incompliance with section 177 and188 of the Companies Act 2013 and the details of suchtransactions have been disclosed in the financial statements of the Company as required bythe applicable accounting standards.

(xiv) According to the information and explanations given to us and based on ourexaminati on of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly paragraph (xiv) of the order is not applicable.

(xv) The Company has not entered into any non-cash transactions with its directors orpersons connected with him. Accordingly the provisions of clause 3(xv) of the Order arenot applicable to the Company.

(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 SRB & Associates
(Chartered Accountants)
Firm's Registration No.-310009E
Bisworanjan Sutar
Kolkata (Partner)
19th May 2017 Membership No.-66708

ANNEXURE-B

To The Independent Auditor's Report

(Referred to in paragraph 2 (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 reporting 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 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 (the 'Standards') issued byICAI and deemed to be prescribed under section 143 (10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such 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 standalone financial statements whether due to fraud orerror.

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 (i) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions 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 authorizations ofmanagement and directors of the company; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols over financial reporting to future periods are subject to the risk that theinternal financial control over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay 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 effectively as at March 31 2017 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For SRB & Associates
(Chartered Accountants)
Firm's Registration No.-310009E
Bisworanjan Sutar
Kolkata (Partner)
19th May 2017 Membership No.-66708