The Members of
Maplle Infraprojects Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Maplle Infraprojects Limitedwhich comprise the Balance Sheet as at March 312017 the Statement of Profit and Loss andCash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information.
Management's Responsibility for the Financial Statements
The management and Board of Directors of the Company are responsible for the mattersstated in 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 rule 7 of Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and arefreefrom material misstatementwhetherdue to fraud orerror.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act.
Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud orerror. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but notforthe purpose of expressing an opinionon whetherthe Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's management and Board of Directors aswell as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:
a. In the case of Balance Sheet of the state of affairs of the Company as at 31* March2017.
b. In the case of Statement of Profit and Loss Profits of the company for the yearended on that date; and
c. In the case of Cash Flow statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section143 ofthe Act we give in the Annexure "A" a statement on the matters Specified inparagraphs 3 and 4 of the Order.
As required by section 143(3) of the Act we further 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 purpose of ouraudit;
b. in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;
c. the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;
d. in our opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;
e. on the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164(2) of theAct;
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 B"; and
g. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:
i. The Company does not have any pending litigations which would impact its financialposition;
ii. The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise;
iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.
iv. The company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and the same are in accordance with the books of accountsmaintained by the company.".
For MAK& ASSOCIATES
Firm Registration No 3060C
Dated: 30th May 2017
Annexure "A" referred to in Our Report of even date to the members of MaplleInfraprojects Limited on the accounts of the company for the year ended 31st March 2017
On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;
(b) As explained to us fixed assets have been physically verified by the management atregular intervals; as informed to us no material discrepancies were noticed on suchverification;
(c) The company does not have any immovable properties and therefore the clause is notapplicable.
(ii) (a) The Company does not have any stocks/inventories except work in progress atsite which also includes small stocks of building materials.
(b) As informed by the management the stocks are verified by the management duringregular intervals. In our opinion and according to the information and explanations givento us the procedures of physical verification of other inventories followed by themanagement are reasonable and adequate in relation to the size of the company and natureof its business.
(c) The Company has maintained proper records of inventories. As explained to ushowever no devaluation in the value could be accounted for deterioration in quality andvalue of stocks in during the year by the management. However there was no materialdiscrepancies noticed on physical verification of inventory as compared to book records.
(iii) The company has not granted any loans in the nature of loans secured orunsecured to companies firms or other parties covered by clause (76) of Section 2 of theCompanies Act 2013 and covered in the register maintained under section 189 of theAct.
However there were financial transactions with such parties in our opinion andaccording to explanations given to us the amount transacted is in regular course ofbusiness and is without any interest and other terms and conditions are not prima facieprejudicial to the interest of the company.
(iv) The Company has complied with provisions of section 185 and 186 of the CompaniesAct 2013 in respect of loans investments guarantees and security.
(v) The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.
(vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act.
(vii) (a) According to the information and explanations given to us and based on therecords of the company examined by us the company has not been regular In depositing theundisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty and othermaterial statutory dues as applicable with the appropriate authorities in India. ;According to information and explanations given to us the following undisputed amountspayable in respect of the aforesaid dues were outstanding as at 31st March 2017 for aperiod of more than six months from the date of becoming payable:
VAT 4% Rs. 119472.26 (2008-09)
Professional Tax Rs. 128075.00 (2008-09 to Mar. 2016)
TDS Rs. 378112.00 (Nov. 2015 onwards)
(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been depositedonaccountofanydisputes.
(c) There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question ofreporting delay in transferring such sums does not arise.
(viii) The company has not defaulted in repayment of loans or borrowing to any of thefinancial institution bank Government or dues to debenture holders.
(ix) The company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments) however the company has availed working capitalfinance for its ongoing real estate projects during the year and there is no default inrepayment of interest or principal dues. Besides the company has also availed temporaryoverdraft facilities against fixed deposits. Further the company has not issued anydebentures.
(x) There were no fraud by the company or any fraud on the Company by its officers oremployees noticed or reported during the year.
(xi) The managerial remuneration has been paid or provided in accordance with theprovisions of section 197 read with Schedule V to the Companies Act.
(xii) The company is not a Nidhi Company and therefore the clause is not applicable.
(xiii) All the transactions with the related parties are in compliance with sections177 and 188 of Companies Act 2013 where applicable and the details have been disclosed inthe Financial Statements etc. as required by the applicable accounting standards;
(xiv) Company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review.
(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him and if so whether the provisions of section 192 of CompaniesAct 2013 have been complied with;
(xvi) Company is not required to be registered under section 45-IAof the Reserve Bankof India Act 1934 and if so whether the registration has been obtained.
For MAK & ASSOCIATES
Firm Registration No 3060C
Dated: 30th May 2017
Annexure "B" referred to in Our Report of even date to the members of MaplleInfraprojects Limited on the accounts of the company for the year ended 31st March 2017Auditors' Report Report on the Internal Financial Controls under Clause (i) of Sub-section3 of Section 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of MapleInfraprojects Limited ("The Company") as of 31 March 2017 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI'). 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's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
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 both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whetherdue 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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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.
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 31 March 2017 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 MAK& ASSOCIATES
Firm Registration No 3060C
Dated: 30th May 2017