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Manas Properties Ltd.

BSE: 540402 Sector: Infrastructure
NSE: N.A. ISIN Code: INE800W01019
BSE 00:00 | 24 Dec Manas Properties Ltd
NSE 05:30 | 01 Jan Manas Properties Ltd
OPEN 370.00
PREVIOUS CLOSE 370.00
VOLUME 10800
52-Week high 400.00
52-Week low 340.00
P/E 276.12
Mkt Cap.(Rs cr) 154
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 370.00
CLOSE 370.00
VOLUME 10800
52-Week high 400.00
52-Week low 340.00
P/E 276.12
Mkt Cap.(Rs cr) 154
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Manas Properties Ltd. (MANASPROPERTIES) - Auditors Report

Company auditors report

To the Members of Manas Properties Limited Report on the Audit of the FinancialStatements

Opinion

We have audited the accompanying financial statements of Manas Properties Limited(Formerly Known as Manas Properties Private Limited) ("the Company") whichcomprises of the Balance Sheet as at 31 March 2022 the Statement of Profit and Loss andthe Statement of Cash Flow for the year ended on that date and a summary of thesignificant accounting policies and other explanatory information (hereinafter referred toas "financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements gives a true and fair view in conformitywith the aforesaid accounting standard and other accounting principles generally acceptedin India prescribed under Section 133 of the Act read with the Companies (AccountingStandard) Rules 2015 as amended and other accounting principles generally accepted inIndia of the state of affairs of the Company as at 31 March 2022 the profit and its cashflows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose

Standards are further described in the Auditor’s Responsibilities for the Audit ofthe financial statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the independence requirements that are relevant to our audit ofthe financial statements under the provisions of the Act and the Rules made thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI’s Code of

Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.

Emphasis of Matter:

We draw attention to Note No. 28 & 29 to the Financial Statements in which theCompany describes the uncertainties arising from the COVID 2019 pandemic. Our report isnot modified in respect of this matter.

Key Audit Matters:

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.

Sr. No. Key Audit Matter Auditor’s Response
1 Revenue Recognition: We assessed the Company’s process to recognize the impact of the revenue generating operation.
The Company recognized revenue of Rs.75000000 for the year ended 31st March 2022 towards lease rental. Our audit approach consisted of the following: -
Accuracy of recognition measurement presentation and disclosures of revenues and other related balances. ? Evaluated the design of internal controls relating to recognition of the operation
This is a key audit matter because of the ? Considered the terms of the contracts to determine the transaction price.
? Significance of the revenue amount to the statement of financial position.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the otherinformation.

The other information comprises the information included in the Management Discussionand

Analysis Board’s Report including Annexures to Board’s Report BusinessResponsibility Report Corporate Governance and Shareholder’s Information but doesnot include the financial statements and our report thereon. Our opinion on the financialstatements does not cover the other information and we do not express any form ofassurance conclusion thereon. In connection with our audit of the financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Management’s Responsibility for 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance cash flows and changes in equity of the Companyin accordance with the accounting principles generally accepted in India read withrelevant rules issued thereunder. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error. In preparing thefinancial statements management is responsible for assessing 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 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 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 ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud 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 the 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 financial statementswhether 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 financial controls relevant to the audit in orderto design 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 system in place and the operating effectivenessof 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 basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany’s ability 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 statements 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 theCompany to cease to continue as a going concern.

? Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements. We communicate with those chargedwith governance regarding among other matters the planned scope and timing of the auditand significant audit findings including any significant deficiencies in internal controlthat we identify during our audit. We also provide those charged with governance with astatement that we have complied with relevant ethical requirements regarding independenceand to communicate with them all relationships and other matters that may reasonably bethought to bear on our independence and where applicable related safeguards. From thematters communicated with those charged with governance we determine those matters thatwere of most significance in the audit of the financial statements of the current periodand are therefore the key audit matters. We describe these matters in our auditor’sreport unless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. 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 Statement of Cash Flowdealt with by this Report are in agreement with the relevant books of account.

d. In our opinion the aforesaid financial statements comply with the specifiedrelevant accounting standard read with Rule 7 of the Companies (Accounts) Rules 2014except mentioned in para 2 of emphasis of matters.

e. On the basis of the written representations received from the directors as on 31March 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2022 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 financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in

"Annexure A". Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company’s internal financial controlsover financial reporting.

g. With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

h. With respect to the other matters included in the Auditor’s Report inaccordance with

Rule 11 of the Companies (Audit and Auditors) Rules 2020 in our opinion and to ourbest of our information and according to the explanations given to us:

i.The Company does not have any pending litigations that would affect its financialposition.

ii.The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii.There were no amounts required to be transferred to the Investor Education andProtection Fund by the Company.

(a) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been advanced. iv.or loaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany

("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the

Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe

Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material misstatement.

v.Since the Company has not paid or proposed dividend for the year section 123 of theAct is not applicable.

2. As required by Companies (Auditor’s report) Order 2020 (hereinafter referred toas ‘the Order’) issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the "Annexure B" astatement on the matters specified in paragraphs 3 and 4 of the said Order to the extentapplicable.

For JMR & Associates LLP
Chartered Accountants
Firm Registration No. 106912W / W100300
Sd/-
CA. Nikesh Jain
Partner
Membership No. 114003
UDIN: 22114003AJVQHG2892
Place: Mumbai
Date: 30 May 2022

"Annexure A"

To the Independent Auditors’ Report on the financial statements of ManasProperties Limited (Formerly Known as Manas Properties Private Limited) for the year ended31st March 2022

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members of Manas Properties Limited(Formerly Known as Manas Properties Private Limited) of even date)

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section

143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ManasProperties Limited (Formerly Known as Manas Properties Private Limited) ("the

Company") as of 31 March 2022 in conjunction with our audit of the financialstatements 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 assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

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 deemed tobe prescribed under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. 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 control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial 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 controlssystem over 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 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 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 and to the best of our information and according to the explanationsgiven to us the Company have in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2022 based on the internalcontrol over financial reporting criteria established by the respective companiesconsidering 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 JMR & Associates LLP
Chartered Accountants
Firm Registration No. 106912W / W100300
Sd/-
Nikesh Jain
Partner
Membership No. 114003
UDIN: 22114003AJVQHG2892
Place: Mumbai
Date: 30 May 2022

ANNEXURE "B" TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 2 under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date.)

1. In respect of its property plant and equipment and intangible assets: a) (A) TheCompany has maintained proper records showing full particulars including quantitativedetails and situation of property plant and equipment. (B) The Company has maintainedproper records showing full particulars of intangible assets.

b) The Company has regular programme of physical verification of its property plantand equipment by which all property plant and equipment are verified in a phased manneron yearly basis. In our opinion this periodicity of physical verification is reasonablehaving regard to the size of the Company and the nature of its assets. c) According toinformation and explanations given to us and on the basis of our examination of therecords of the Company the Company does not have any immovable properties. Inview of this clause 3 (i) (c) of the Order is not applicable to the Company

d) The Company has not revalued any of its Property Plant and Equipment (includingright-of-use assets) and intangible assets during the year.

e) According to information and explanations given to us no proceedings have beeninitiated during the year or are pending against the Company as at March 31 2022 forholding any Benami property under the Benami Transactions (Prohibition) Act 1988 (asamended in 2016) and rules made thereunder

f) All the Assets life expire in FY 2020 only residual value of Rs. 2945 is left sono depreciation provided however the assets are still in the use so it can be carried atresidual value or else it can be written off depending on management decision.

2. In respect of its Inventories:

According to the information and explanation given to us the Company does not have anyinventory. Accordingly Clause (ii) of paragraph 3 of the Order is not applicable to theCompany.

3. In respect of the Company’s investments loan guarantee or security:

According to the information and explanation given to us the Company has not grantedloans secured or unsecured to companies firms limited liability partnerships or otherparties covered in the register maintained under Section 189 of the Act and accordinglythe provisions of Clause (iii) (a) to (c) of Para 3 of the Order are not applicable to theCompany.

4. According to information and explanations given to us the Company has not grantedany loan secured or unsecured or provided any guarantee or security to the partiescovered under Section 185 of the Act during the year. With respect to investmentsprovisions of Section 186 of the Act have been complied with.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the provisions of Sections 73to 76 of the Companies Act 2013 and the rules framed there under. Accordingly Clause (v)of paragraph 3 of the Order is not applicable to the Company.

6. In our opinion and according to information and explanation given to us maintenanceof cost records under section (1) of Section 148 of the Companies Act 2013 is notapplicable of the Company as required under Rule 3 of the Companies (Cost Records andAudit) Amendment Rules 2014.

7. In respect of statutory dues:

a) According to the information and the explanations given to us the Company has beengenerally regular in depositing undisputed statutory dues including provident fund incometax service tax GST cess and other statutory dues applicable to it with theappropriate authorities. There were no arrears in this respect as at 31 March 2022 for aperiod of more than six months from the date they became payable.

b) According to information and explanations given to us there is no dues on accountof income tax service tax GST and other statutory dues which have not been depositedwith the appropriate authorities on account of any dispute.

8. There were no transactions relating to previously unrecorded income that have beensurrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act 1961 (43 of 1961).

9. a) The Company has not taken any term loan from bank and there is no default onrepayment of loan and interest.

b) The Company has not been declared willful defaulter by any bank or financialinstitution or government or any government authority.

c) The Company has not taken any term loan during the year and there are no outstandingterm loans at the beginning of the year and hence reporting under clause 3(ix)(c) of theOrder is not applicable.

d) On an overall examination of the financial statements of the Company the has notraised funds on short-term basis. Accordingly clause 3 (ix) (d) is not applicable to theCompany.

e) On an overall examination of the financial statements of the Company the Companyhas not taken any fu

10. a) The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year and hence reporting under clause3(x)(a) of the Order is not applicable.

b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause 3(x)(b) of the Order is not applicable.

11. a) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given to us we report that no fraud by the Company or on the Company hasbeen noticed or reported during the year.

b) No report under sub-section (12) of section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year and upto the date of this report.

c) According to the information and explanations given to us the Company has notreceived any whistle blower complaints during the year (and upto the date of this report)while determining the nature timing and extent of our audit procedures.

12. 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.

13. In our opinion the Company is in compliance with Section 177 and 188 of theCompanies Act

2013 with respect to applicable transactions with the related parties and the detailsof related party transactions have been disclosed in the standalone financial statementsas required by the applicable accounting standards.

14. (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business. (b) We have considered the internal auditreports for the year under audit issued to the Company during the year and till date indetermining the nature timing and extent of our audit procedures.

15. In our opinion during the year the Company has not entered into any non-cashtransactions with its directors or persons connected with its directors. and henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company.

16. a) In our opinion the Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934. Hence reporting under clause 3(xvi)(a) (b) and(c) of the Order is not applicable.

b) In our opinion there is no core investment company within the Group (as defined inthe Core Investment Companies (Reserve Bank) Directions 2016) and accordingly reportingunder clause 3(xvi)(d) of the Order is not applicable

17. The Company has not incurred cash losses during the financial year covered by ouraudit however cash loss of Rs.11055117 was incurred in the immediately precedingfinancial year. 18. There has been no resignation of the statutory auditors of the Companyduring the year.

19. On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

20. (a) There are no unspent amounts towards Corporate Social Responsibility (CSR) onother than ongoing projects requiring a transfer to a Fund specified in Schedule VII tothe Companies Act in compliance with second proviso to sub-section (5) of Section 135 ofthe said Act. Accordingly reporting under clause 3(xx)(a) of the Order is not applicablefor the year.

(b) There are no unspent amounts towards Corporate Social Responsibility (CSR) onongoing projects requiring a transfer to a Fund specified in Schedule VII to the CompaniesAct in compliance with second proviso to sub-section (5) of Section 135 of the said Act.Accordingly reporting under clause 3(xx)(b) of the Order is not applicable for the year.

For JMR & Associates LLP
Chartered Accountants
Firm Reg. No.: 106912W / W100300
Sd/-
CA Nikesh Jain
Partner
Membership No.: 114003
UDIN: 22114003AJVQHG2892
Place: Mumbai
Date: 30 May 2022

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