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Mansi Finance (Chennai) Ltd.

BSE: 511758 Sector: Financials
NSE: N.A. ISIN Code: INE094E01017
BSE 00:00 | 14 Jun 22.80 -1.20
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NSE 05:30 | 01 Jan Mansi Finance (Chennai) Ltd
OPEN 22.80
PREVIOUS CLOSE 24.00
VOLUME 1149
52-Week high 45.90
52-Week low 15.85
P/E 6.05
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 22.80
CLOSE 24.00
VOLUME 1149
52-Week high 45.90
52-Week low 15.85
P/E 6.05
Mkt Cap.(Rs cr) 8
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 March 2020 thestatement of Profit & Loss Account Statement of Changes in Equity and the Cash Flowstatement for the year ended and a summary of significant accounting policies and otherexplanatory information.

In my opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the the Companies Act2013 (the Act) in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2020 and profit/loss changes in equityand 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 undersection 143(10) of the Companies Act 2013. My responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. I am independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Companies Act 2013 and the Rules thereunder and I have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics. I believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Emphasis of Matter

I draw attention to Note No.9 regarding non disclosure of fair value of Investment inProperties 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 professional judgement were of mostsignificant 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 andinforming our opinion thereon and we do not provide a separate opinion on these matters.I determine in accordance with Para 10 of SA 701 that were no key audit matters thatrequire significant attention of Auditor.

Information other than Financial Statement and Auditor's Report thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises Board's Report Report on Corporate governance and BusinessResponsibility report but does not include the consolidated financial statementstandalone financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatementof this other information we are required to report that fact. We have nothing to reportin this regard.

Responsibility of Management and those charged with the governance for the StandaloneFinancial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act2013 ("the act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the accounting standards specified undersection 133 of the Act read with relevant rules issued thereunder. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accoutingpolicies; making judgements and estimates that are reasonable and prudent; and designimplementation 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 for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility for the Audit of the Financial Statements

My objectives is to obtain reasonable assurance about whether the financial statementsas a whole are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes our opinion. Reasonable assurance is a high levelof assurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements.

A further description of the auditor's responsibilities for the audit of the standalonefinancial statements is included in Annexure A. This desciption forms part of ourauditor's report.

Report on other legal & regulatory requirements

1. As required by the Companies (Auditor's Report) order 2016 issued by the CentralGovernment of India in terms of sub section (11) of section 143 of the Companies Act2013 I annexed hereto (Annexure B) a statement on the matters specified in paragraphs 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 explanation which to the bestof 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 been kept by theCompany so far as it appears from our examination of such books.

(c) The Company has no branches during the year hence Section 143(8) of Companies Act2013 is not applicable.

(d) The Balance Sheet Statement of Profit & Loss including other comprehensiveincome statement of changes in equity and Cash Flow Statement dealt with by this reportare in agreement with the books of account of the Company.

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

(f) On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 from being appointed as a director in terms of section 164 (2) of theAct.

(g) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to myseparate report in "Annexure C". My report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11of the Companies (Audit and auditors) Rules 2014 in my 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 financialposition in its financial statements - Refer Note to the financial statements.

(ii) The Company did not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.

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

FOR PEMMASANI & CO.
CHARTERED ACCOUNTANTS
Firm Reg. No.002630S
(P.RAVINDRANATH NAIDU)
PLACE : CHENNAI Proprietor
DATE : 29-06-2020 M.No.021034
UDIN :20021034AAAAAP4341

ANNEXURE ‘A' TO THE INDEPENDENT AUDITOR'S REPORT

Responsibilities for Audit of standalone financial statements

As part of an audit in accordance with SAswe exercise professional judgement andmaintain professional skepticism throughout the audit. I also:

Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to providebasis for my opinion. The risk of not detecting a material mistatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 I am also responsible for expressing my opinion on whether the companyhas adequate internal financial controls system in place and the operating effecting ofsuch controls.

Evaluate the appropriateness of accounting policies used and reasonable of accountingestimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertainityexists related to events or conditions that may cast significant doubt on the company'sability to continue as a going concern. If I conclude that a material uncertainity existsI am required to draw attention in my auditor's report to the related disclosures in thestandalone financial statements or if such disclosures are inadequate to modify myopinion. My conclusions are based on the audit evidence obtained upto the date of myauditor's report. However future events or conditions may cause the company to cease tocontinue as a goin concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves the fairpresentation.

I communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that I identify during our audit.

I also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonbly be thought to bear on myindependence and where applicable related safeguards.

From the matters communicated with those charged with governance I determine thosematters that were of most significance in the audit of the standalone financial statemntsof the current period and are therefore the key audit matters. I describe these matters inmy auditor's report unles law or regulation precludes public disclosure about the matteror when in extremely rare circumstances. I determine that a matter should not becommunicated in my report because the adverse consequences of doing so would resonably beexpected to outweigh the public interest benefits of such communication.

FOR PEMMASANI & CO.
CHARTERED ACCOUNTANTS
Firm Reg. No.002630S
(P.RAVINDRANATH NAIDU)
Proprietor
PLACE : CHENNAI M.No.021034
DATE : 29-06-2020

ANNEXURE ‘B' TO THE INDEPENDENT AUDITOR'S REPORT

The annexure referred to in my Independent Auditors' Report to the members of theCompany on the financial statement for the year ended 31 March 2020 we report that :

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

(b) All these assets have been physically verified by the management at reasonableintervals. As Informed to me no material discrepancy have been noticed between thephysical verification and books of the Company.

(c ) According to the information and explanations given to me on the basis of myexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

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

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

4. In my opinion and according to the information and explanations given to me theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto the loans and investments made.

5. In my opinion and according to the information and explanations given to me theCompany has not accepted any public deposits during the year.

6. The Central Government has not prescribed the maintanance of cost recrods undersection 148 (1) of the Act in respect of the activities carried on by the Company.

7. (a) According to the records of the Company and information and explanations givento me the Company has generally been regular in depositing undisputed statutory duesincluding Income Tax Tax Deducted at Source and other material statutory dues applicableto it with the appropriate authorities. As explained to me the Company did not have anydues on account of Provident Fund Employees State Insurance duty of exicse and customs.

(b) According to the information and explanations given to me there were no undisputedamounts payable in respect of Income taxWealth Tax GST Cess and other materialstatutory dues in arrears/were outstanding as at 31 March 2020 for a period of more thansix months from the date they became payable. However according to information andexplanations given to me the following dues of Income Tax have not been deposited by theCompany on account of dispute :

Particulars Amount Period to which amount relates Forum where the dispute is pending
(Rs)
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 Commissioner of Income tax (Appeals) Chennai
Income Tax 457920 Financial year 2012-2013 Commissioner of Income tax (Appeals) Chennai

8. In my opinion and according to the information and explanations given to me thereis no amount due to a financial institution Government and debenture holders. However inthe 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 offer or further publicoffer (Including debt instruments) and term loans during the year. Accordingly paragraph3(ix) of the order is not applicable.

10. According to the information and explanations given to me no material fraud on orby the company has been noticed or reported during the course of my audit.

11. According to the information and explanations given to me and based on myexamination of the records of the Company the Company has paid/ provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V of the Act.

12. In my opinion and according to the information and explanations given to me theCompany is not a nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13. According to the information and explanations given to me and based on myexamination of the records of the Company transactions with the related parties are incompliance 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 based on myexamination 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 based on myexamination 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 Reserve Bank of IndiaAct1934.

FOR PEMMASANI & CO.
CHARTERED ACCOUNTANTS
Firm Reg. No.002630S
(P.RAVINDRANATH NAIDU)
PLACE : CHENNAI Proprietor
DATE : 29-06-2020 M.No.021034

ANNEXURE ‘C' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph (f) under ‘Report on other legal and regulatoryrequirements' section of our report of even date)

I have audited the internal financial controls over financial reporting of MANSIFINANCE (CHENNAI) LTD as at 31 March 2020 in conjunction with my audit of the standalone 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 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 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.

Auditor's Responsibility

My responsibility is to express an opinion on the Company's Internal Financial Controlover financial reporting based on our audit. I conducted my audit in accordance with theGuidance Note and the Standards on Auditing (‘the Standards') issued by the ICAI anddeemed to be prescribed under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both issued by the ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My 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.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my 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 authorizations of management and directors of the company; and

3. provide reasonable assurance regarding prevention or timely detection ofunauthorized 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 my 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 31 March 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 ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR PEMMASANI & CO.
CHARTERED ACCOUNTANTS
Firm Reg. No.002630S
(P.RAVINDRANATH NAIDU)
PLACE : CHENNAI Proprietor
DATE : 29-06-2020 M.No.021034

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