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Mansi Finance (Chennai) Ltd.

BSE: 511758 Sector: Financials
NSE: N.A. ISIN Code: INE094E01017
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NSE 05:30 | 01 Jan Mansi Finance (Chennai) Ltd
OPEN 26.80
PREVIOUS CLOSE 26.80
VOLUME 10
52-Week high 35.85
52-Week low 19.25
P/E 14.57
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 26.80
CLOSE 26.80
VOLUME 10
52-Week high 35.85
52-Week low 19.25
P/E 14.57
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Mansi Finance (Chennai) Ltd. (MANSIFINCHEN) - Auditors Report

Company auditors report

TO THE MEMBERS OF MANSI FINANCE (CHENNAI) LIMITED

Opinion

I have audited the accompanying financial statements of MANSI FINANCE(CHENNAI) LIMITED ('the Company' ) which comprises the balance sheet as at 31st March2021 the statement of Profit & Loss Account Statement of Changes in Equity and theCash Flow statement for the year ended and a summary of significant accounting policiesand other explanatory information.

In my opinion and to the best of my information and according to theexplanations given to me the aforesaid standalone financial statements give theinformation required by the the Companies Act2013 (the Act) in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2021 and profit/losschanges in equity and its cash flow for the year ended on that date.

Basis for Opinion

I conducted my audit in accordance with the Standards on Auditing (SAs)specified under section 143(10) of the Companies Act 2013. My responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. I am independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and I have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. I believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

I draw attention to Note No.9 regarding non disclosure of fair value ofInvestment in Properties as required in Ind AS 40-Investment property.

My opinion is not modified in respect of above matter.

Key Audit Matter

Key Audit Matters are those matters that in our professionaljudgement were of most significant in our audit of the financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and informing our opinion thereon and we do not provide a separateopinion on these matters. I determine in accordance with Para 10 of SA 701 that were nokey audit matters that require significant attention of Auditor.

Information other than Financial Statement and Auditor's Report thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises Board's Report Report on Corporategovernance and Business Responsibility report but does not include the consolidatedfinancial statement standalone financial statements and our auditor's report thereon.

My opinion on the financial statements does not cover the otherinformation and I do not express any form ofassurance conclusion thereon.

In connection with my audit of the standalone financial statements myresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements ormy knowledge obtained during the course of my audit or otherwise appears to be materiallymisstated. If based on the work I have performed I conclude that there is a materialmisstatement of this other information I am required to report that fact. I have nothingto report in this regard.

Responsibility of Management and those charged with the governance forthe Standalone Financial Statements

The Company's Board of Directors is reponsible for the matters statedin section 134 (5) of the Companies Act 2013 ("the act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the accounting standardsspecified under section 133 of the Act read with relevant rules issued thereunder. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccouting policies; making judgements and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible forassessing 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.

Those Board of Directors are also responsible for overseeing thecompany's financial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

My objectives is to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these financial statements.

A further description of the auditor's responsibilities for the auditof the standalone financial statements is included in Annexure A. This desciption formspart of our auditor's report.

Report on other legal & regulatory requirements

1. As required by the Companies (Auditor's Report) order 2016 issuedby the Central Government of India in terms of sub section (11) of section 143 of theCompanies Act 2013 I annexed hereto (Annexure B) a statement on the matters specified inparagraphs 3 & 4 of the said order to the extent applicable.

2. As required by section 143 (3) of the Act I report that :

(a) I have sought and obtained all the information and explanationwhich to the best of my knowledge and belief were necessary for the purpose of my audit.

(b) In my opinion proper books of account as required by Law have beenkept by the Company so far as it appears from our examination of such books.

(c) The Company has no branches during the year hence Section 143(8) ofCompanies Act 2013 is not applicable.

(d) The Balance Sheet Statement of Profit & Loss including othercomprehensive income statement of changes in equity and Cash Flow Statement dealt with bythis report are in agreement with the books of account of the Company.

(e) In my opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(f) On the basis of the written representations received from thedirectors as on March 31 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2021 from being appointed as a director in termsof section 164 (2) of the Act.

(g) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to my separate report in "Annexure C". My report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.

(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11of the Companies (Audit and auditors) Rules 2014 in myopinion and 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 itsfinancial position in its financial statements - Refer Note to the financial statements.

(ii) The Company did not have any long term contracts includingderivatives contracts for which there were any material foreseeable losses.

(iii) There were no amounts which required to be transferred by theCompany to the Investor Education and Protection Fund.

FOR PEMMASANI & CO.
CHARTERED ACCOUNTANTS
Firm Reg. No.002630S
(P.RAVINDRANATH NAIDU)
PLACE : CHENNAI Proprietor
M.No.021034
DATE : 29-06-2021 UDIN :21021034AAAABI9003

ANNEXURE 'A' TO THE INDEPENDENT AUDITOR'S REPORT

Responsibilities for Audit of standalone Financial statements

As part of an audit in accoradance with SAswe exercise professionaljudgement and maintain professional skepticism throughout the audit. I also:

Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide basis for my opinion. The risk of not detecting a materialmistatement resulting from fraud is higher than for one resulting from error as fraud mayinvolve collusion forgery intentional omissions misrepresentations or override ofinternal control.

Obtain an understanding of internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 I am also responsible for expressing my opinion onwhether the company has adequate internal financial controls system in place and theoperating effecting of such controls.

Evaluate the appropriateness of accounting policies used and reasonableof accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainity exists related to events or conditions that may cast significant doubt on thecompany's ability to continue as a going concern. If I conclude that a materialuncertainity exists I am required to draw attention in my auditor's report to the relateddisclosures in the standalone financial statements or if such disclosures are inadequateto modify my opinion. My conclusions are based on the audit evidence obtained upto thedate of my auditor's report. However future events or conditions may cause the company tocease to continue as a go in concern.

Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves the fair presentation.

I communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that I identify during ouraudit.

I also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonbly be thought tobear on my independence and where applicable related safeguards.

From the matters communicated with those charged with governance Idetermine those matters that were of most significance in the audit of the standalonefinancial statemnts of the current period and are therefore the key audit matters. Idescribe these matters in my auditor's report unles law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances. I determine that amatter should not be communicated in my report because the adverse consequences of doingso would resonably be expected to outweigh the public interest benefits of suchcommunication.

FOR PEMMASANI & CO.
CHARTERED ACCOUNTANTS
Firm Reg. No.002630S
(P.RAVINDRANATH NAIDU)
Proprietor
PLACE : CHENNAI M.No.021034
DATE : 29-06-2021 UDIN :21021034AAAABI9003

ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT

The annexure referred to in my Independent Auditors' Report to themembers of the Company on the financial statement for the year ended 31 March 2021 wereport that :

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

(b) All these assets have been physically verified by the management atreasonable intervals. As Informed to me no material discrepancy have been noticed betweenthe physical verification and books of the Company.

(c ) According to the information and explanations given to me on thebasis of my examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

2. Physical verification of Inventory is not applicable since thecompany has not traded in goods during the year

3. During the year Company has not granted any loans to Companies andfirms listed in the Register maintained under section 189 of the Companies Act 2013.

4. In my opinion and according to the information and explanationsgiven to me the Company has complied with the provisions of Section 185 and 186 of theAct with respect to the loans and investments made.

5. In my opinion and according to the information and explanationsgiven to me the Company has not accepted any public deposits during the year.

6. The Central Government has not prescribed the maintanance of costrecrods under section 148 (1) of the Act in respect of the activities carried on by theCompany.

7. (a) According to the records of the Company and information andexplanations given to me the Company has generally been regular in depositing undisputedstatutory dues including Income Tax Tax Deducted at Source and other material statutorydues applicable to it with the appropriate authorities. As explained to me the Companydid not have any dues on account of Provident Fund Employees State Insurance duty ofexicse and customs.

(b) According to the information and explanations given to me therewere no undisputed amounts payable in respect of Income tax Wealth Tax GST Cess andother material statutory dues in arrears/were outstanding as at 31 March 2021 for a periodof more than six months from the date they became payable. However according toinformation and explanations given to me the following dues of Income Tax have not beendeposited by the Company on account of dispute :

Particulars Amount (Rs) Period to which amount relates Forum where the dispute is pending
Income Tax 42087 Financial year 2003-2004 Commissioner of Income tax (Appeals) Chennai
Income Tax 119420 Financial year 2004-2005 Commissioner of Income tax (Appeals) Chennai
Income Tax 452270 Financial year 2011-2012 Income tax appellate Tribunal (Chennai)
Income Tax 457920 Financial year 2012-2013 Income tax appellate Tribunal (Chennai)

8. In my opinion and according to the information and explanationsgiven to me there is no amount due to a financial institution Government and debentureholders. However in the case of dues to bank the Company has not defaulted in payments.

9. The Company did not raise any money by way of initial public offeror further public offer (Including debt instruments) and term loans during the year.Accordingly paragraph 3(ix) of the order is not applicable.

10. According to the information and explanations given to me nomaterial fraud on or by the company has been noticed or reported during the course of myaudit.

11. According to the information and explanations given to me and basedon my examination of the records of the Company the Company has paid/ provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V of the Act.

12. In my opinion and according to the information and explanationsgiven to me the Company is not a nidhi Company. Accordingly paragraph 3(xii) of theOrder is not applicable.

13. According to the information and explanations given to me and basedon my examination of the records of the Company transactions with the related parties arein compliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations given to me and basedon my examination of the records of the Company the Company has not made any preferntialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. According to the information and explanations given to me and basedon my examination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with directors. Accordingly paragraph3(xv) of the order is not applicable.

16. The Company is registered NBFC under section 45-IA of the ReserveBank of India Act1934.

FOR PEMMASANI & CO.
CHARTERED ACCOUNTANTS
Firm Reg. No.002630S
(P.RAVINDRANATH NAIDU)
PLACE : CHENNAI Proprietor
M.No.021034
DATE : 29-06-2021
UDIN :21021034AAAABI9003

ANNEXURE 'C' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph (f) under 'Report on other legal andregulatory requirements' section of our report of even date)

I have audited the internal financial controls over financial reportingof MANSI FINANCE (CHENNAI) LTD as at 31 March 2021 in conjunction with my audit of thestand alone Financial Statements 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 andmaintaining internal financial controls based on "the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. 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 policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's Responsibility

My responsibility is to express an opinion on the Company's InternalFinancial Control over financial reporting based on our audit. I conducted my audit inaccordance with the Guidance Note and the Standards on Auditing ('the Standards') issuedby the ICAI and deemed to be prescribed under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls both issued by the ICAI. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

My audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. My audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient andappropriate to provide a basis for my audit opinion on the company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

1. pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany

2. provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and

3. provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In my opinion the company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2020 based onthe internal control over financial reporting criteria established by the companyconsidering 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 PEMMASANI & CO.
CHARTERED ACCOUNTANTS
Firm Reg. No.002630S
(P.RAVINDRANATH NAIDU)
PLACE : CHENNAI Proprietor
DATE : 29-06-2021 M.No.021034

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