You are here » Home » Companies » Company Overview » Manor Estates & Industries Ltd

Manor Estates & Industries Ltd.

BSE: 526115 Sector: Infrastructure
NSE: N.A. ISIN Code: INE327D01013
BSE 00:00 | 09 Jan Manor Estates & Industries Ltd
NSE 05:30 | 01 Jan Manor Estates & Industries Ltd
OPEN 2.47
PREVIOUS CLOSE 2.47
VOLUME 1
52-Week high 3.00
52-Week low 2.47
P/E
Mkt Cap.(Rs cr) 2
Buy Price 2.86
Buy Qty 900.00
Sell Price 2.35
Sell Qty 199.00
OPEN 2.47
CLOSE 2.47
VOLUME 1
52-Week high 3.00
52-Week low 2.47
P/E
Mkt Cap.(Rs cr) 2
Buy Price 2.86
Buy Qty 900.00
Sell Price 2.35
Sell Qty 199.00

Manor Estates & Industries Ltd. (MANORESTATES) - Auditors Report

Company auditors report

TO MANOR ESTATES AND INDUSTRIES LIMITED

To

The Members

Manor Estates and Industries Limited

1. Report on the Financial Statements

We have audited the accompanying financial statements of Manor Estates and IndustriesLimited which comprises the Balance Sheet as at 31st March 2019 the Statement of Profitand Loss and the Cash Flow Statement for the year then ended and summary of significantaccounting policies and other explanatory information.

2. Management's Responsibility for the Financial Statements and the statements annexedthereto

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 of theFinancial Statements that give a true and fair view of the financial position andfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including Accounting Standards specified underAccounting Standards referred to in Section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Financial Statements and the statements annexedthereto that give a true and fair view and are free from material misstatements whetherdue to fraud or error.

3. Auditor's Responsibility

Our responsibility is to express an opinion on the said Financial Statements annexedthereto based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions 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 of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Financial Statements. The procedures selected depend upon our judgmentincluding the assessment of risks of material misstatements of the Financial Statementswhether due to fraud and error. In making those risk assessments we consider internalfinancial control relevant to the Company‘s preparation and fair. presentation of theFinancial Statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness of theCompany's internal financial control.

An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by the management as well asevaluating the overall presentation of financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.

4. Opinion

In our opinion and to the best of our information and according to the explanationsfurnished 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 March 312019 and its loss(financial performance including other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.

5. Reporting under other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of the Section 143 of the Act we enclosein the Annexure - ‘A' a statement on the matters specified in paragraphs 3 and 4 ofthe order to the extent applicable.

As required by Section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge 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 and Statement of Profit and Loss dealt with by this report are inagreement with the books of account.

d. In our opinion the Balance Sheet and the Statement of Profit and Loss and the CashFlow Statement comply with Accounting Standards specified under Section 133 of the Act.

e. On the Basis of the written representations received from the Directors as on 31stMarch 2019 taken on record by the board of Directors none of the Directors isdisqualified as on 31st March 2019 from being appointed as 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 operative effectiveness of such controls refer to ourseparate report in Annexure - ‘B'. Our report expresses an Unmodified opinion on theadequacy and the operating effectiveness of the Company's internal financial controls overfinancial reporting

g. With respect to other matters to be included in Auditor's Report in accordance withRule 11 of Companies (Audit and Auditors) Rules 2014 in our opinion and to the best ofour information and according to the explanations given to us

i. The Company has no pending litigations impacting its financial position.

ii. The Company has no material foreseeable losses on long term contracts includingderivate contracts.

iii. There are no amounts as on 31st March 2019 which are required to be transferredto the Investor education fund by the Company..

For Raju & Mahindra
Chartered Accountants
FRN : 003474S
Place: Medak Sd/-
Date: 12th July 2019 Mahindra Reddy
Partner-Memb No: 14927

"Annexure A" to the Independent Auditors' Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirement' of our report of even date to the financial statements of theCompany for the year ended March 31 2019:

1. a. The Company has maintained proper records of fixed assets showing fullparticulars including quantitative details and location.

b. The Company has a regular program of physical verification of its fixed assetswhich in our opinion is reasonable having regard to the size of the Company and natureof its assets. No material discrepancies were identified on such verification.

2. Physical verification has been conducted by the management at reasonable periods inrespect of inventory. In our opinion the procedures of physical verification of stocksfollowed by the management are reasonable and adequate in relation to the size of theCompany and the nature of its business. No material discrepancies were noticed on physicalverification of stocks of trading goods as compared to book records.

3. According to the information ad explanations furnished to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the Register maintained under sections 189 of theCompanies Act 2013. Accordingly the provisions of clause 3 (iii) (iii) (a) (iii) (b)and (iii) (c) of the Order does not arise.

4. In our opinion and according to information and explanations furnished to us theCompany has not granted any loans or made any investments or provided any guarantees orsecurity during the year to any of the parties specified in sections 185 and 186 of theCompanies Act 2013. Accordingly reporting pursuant to the provisions of Clause 3 (iv) ofthe said Order does not arise.

5. In our opinion and according to the information and explanations furnished to usthe Company has not accepted any deposits from public within the meaning of sections 7374 75 and 76 of the Act and the Rules framed thereunder to the extent notified.Accordingly reporting pursuant to the provisions of paragraph 3(v) or the Order does notarise.

6. The Company is not required to maintain cost records under section 148 (1) of theCompanies Act 2013 for any of the products of the Company

7. a. According to information and explanations given to us and on the basis of ourexamination of the books of account the Company has been regular in depositing withappropriate authorities undisputed statutory dues including Service Tax Goods and ServiceTax Excise Duty Provident Fund ESI and Income Tax Deducted at Source Sales tax andany other material statutory dues applicable to it.

b. According to the information and explanations given to us details of disputedIncome Tax and Sales tax which have not been deposited as on 31st March 2019 on account ofany dispute are given below:

Name of Statute Nature of dues Amount (Rs. in Lackhs) Period to which the amount relates (Financial Year) Forum where dispute is pending
Income Tax Act 1961 Income Tax 6.67 2009-10 Assistant Commissioner Income Tax(CPC)

8. According to the information and explanations furnished to us and based on therecords exam- ined by us the Company has not defaulted in repayment of borrowings tofinancial institutions and banks. The Company has not issued debentures.

9. According to the information furnished to us during the year under report theCompany did not have any moneys raised from Initial Public Offering or Further PublicOffering that remained to be applied for the purposes for which they were raised.Accordingly reporting pursuant to Clause 3(ix) of the Order does not arise.

10. To the best of our knowledge and according to the information and explanationsfurnished to us no fraud by the Company and no material fraud on the Company by itsofficers or employees has been noticed or reported during the year.

11. No managerial renumeration was paid during the year.

12. The Company is not a Nidhi Company.

13. In our opinion and according to the information and explanations furnished to usthe Company is in compliance with section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been dis- closed in the Standalone Ind AS Financial Statements asrequired by the applicable Accounting Standards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

15. In our opinion and according to the information and explanations furnished to isduring the year the Company has not entered into any non-cash transactions to which theprovisions of section 192 of the Companies Act 2013 apply with its Directors or personsconnected with them.

16. In our opinion based on the information and explanations furnished to us theCompany is not required to be registered under section 45-1A of the Reserve Bank of IndiaAct 1934.

17. The Company has accumulated losses at the end of the financial year which is morethan 50% of its net worth.

For Raju & Mahindra
Chartered Accountants
FRN : 003474S
Place: Medak Sd/-
Date: 12th July 2019 Mahindra Reddy
Partner-Memb No: 14927

ANNEXURE - "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Refer to paragraph 1(f) under Report on Other Legal and Regulatory requirementssection of our report 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 of MANORESTATES AND INDUSTRIES LIMITED ("the company") as of March 312019 inconjunction with our audit of the standalone financial statements of the Company for theyear 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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. Those Standards and the Guidance168 Note require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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 whether a material weakness exists and testing and evaluating thedesign and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material 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 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 authorisations of management and directors of the company; and

3. Provide reasonable assurance regarding prevention or timely detection ofunauthorised 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 all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2019 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 of theInternal Financial controls over financial reporting issued by the Institute of CharteredAccountants of India

Chartered Accountants
FRN: 003474S
Place: Hyderabad Sd/-
Date: 12th July 2019 Mahindra Reddy
Partner-Memb No: 14927