To the Members of
M/S Mapro Industries Limited
Report on the Audit of the Standalone Financial Statements
We have audited the accompanying financial statements of M/s MAPRO INDUSTRIESLIMITED(the company) which comprise the Balance sheet as at 31st March2021 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.
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 theCompanies Act 2013 (the Act) in the manner so required and give a true andfair view in conformity with the Accounting Standards prescribed under section 133 of theAct read with the Companies (Accounting Standards) Rules 2006 as amended(Accounting Standards) and other accounting principles generally accepted inIndia of the state of affairs of the Company as at 31 March 2020 and its loss and itscash flows 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 Responsibility for the Audit of theFinancial 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 ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made there under andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence obtained by us issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period. Wehave determined that there are no key audit matters to communicate in our report.
Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the other information. The otherinformation obtained at the date of this auditor's report is information included in theBoard report but does not include the financial statements and our auditor's reportthereon.
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 financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.
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 the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance cash flows of theCompany in accordance with the Accounting Standards and other accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statement that give a true and fair view and are free frommaterial misstatement whether due to fraud or error. In preparing the financialstatements management is responsible for assessing the Company's ability to continue as agoing concern disclosing as applicable matters related to going concern and using thegoing concern basis of accounting unless management either intends to liquidate theCompany or to cease operations or has no realistic alternative 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
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 a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud 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 these 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 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 provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the 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 the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions 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 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 we identify during our audit.
We 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 reasonably be thought to bear on ourindependence and where applicable related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 (theOrder) issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the mattersspecified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act based on our audit 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 the Cash Flow Statement dealtwith by this Report are in agreement with the relevant books of account. d) In ouropinion the aforesaid financial statements comply with the Accounting Standards specifiedunder Section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2021 from being appointed as a director in termsof Section 164(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 B. Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial 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 opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.
h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:
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 forwhich there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
|For PRADEEP GUPTA |
|CHARTERED ACCOUNTANTS |
|Mem No: 048979 |
|PAN No :AAAPG7628N |
|Place : Mumbai |
|Date : 9th July2021 |
ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph 1 under Report on Other Legal and RegulatoryRequirements section of our report of even date)
1. The company has maintained proper records showing full particulars showingfull particulars including quantitative details and situation of fixed assets.
Fixed Assets have been physically verified by the Management at reasonable interval;According to information given to us no material discrepancies were noticed on suchverification.
According to the information given to us and the records examined by us and based onthe examination of the registered sale deeds transfer deeds mutation of title papersproperty tax papers and conveyance deeds provided to us we report that the title deedscomprising all the immovable properties of land and buildings which are freehold are heldin the name of the Company as at the balance sheet date.
2. As explained to us inventories were physically verified by the Management.In our opinion and according to the information and explanations given to us theinventories have been verified by the management at reasonable intervals in relation tosize of the Company and nature of business and no material discrepancies were notices onphysical verification.
3. According to the information and explanations given to us the Company hasnot granted any loans secured or unsecured to Companies firms or other parties coveredin the Register maintained under section 189 of the Companies Act 2013 accordingly theprovisions of clause 3 (iii) (a) (b) and (c) of the order are not applicable to theCompany and hence not commented upon.
4. In our opinion and according to the information and explanations given to usprovisions of Section 185 and 186 of the Companies Act 2013 in respect of loan todirectors including entities in which they are interested and in respect of loan andadvances given investments made and guarantees and securities given have been compliedwith the provisions of Section 185 and 186 of the Companies Act 2013.
5. In our opinion and according to the information and explanations given to usthe Company has not accepted any deposits from the public within the provisions of Section73 to 76 of the Companies Act 2013 and the rules framed there under.
6. The company is not required to maintain any cost record pursuant to the Rulesmade by the Central Government for the maintenance of cost records under sub-section (1)of section 148 of the Companies Act.
7. According to the information and explanations given to us in respect ofStatutory Dues:
(a) According to the information and explanations given to us and on the basis of theexamination of the books of account the Company has been regular in depositing undisputedstatutory dues including Provident Fund Investor Education and Protection FundEmployees' State Insurance Income-tax Sales tax Service tax Value Added Tax CustomsDuty Excise Duty and other statutory dues applicable to it with the appropriateauthorities.
(b) According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Investor Education and Protection Fund Employees'State Insurance Income tax Sales tax Service tax Customs Duty Excise Duty and otherundisputed statutory dues were outstanding at the year-end for a period of more than sixmonths.
(c) According to the information and explanations given to us there are no dues ofIncome Tax Cess or other statutory dues which have not been deposited on account of anydispute.
8. The Company has not raised any money way of initial public offer / furtherpublic offer / debt instruments) and term loans hence reporting under clause (ix) is notapplicable to the Company and hence not commented upon.
9. In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of loans or borrowings to financialinstitutions banks and government.
10. In our opinion and according to the information and explanations given to us theCompany has not taken term loans and accordingly the provisions of Clause 3(ix) of theOrder are not applicable to the Company.
11. To the best of our knowledge and according to the information and explanation givento us no fraud by the company and no material fraud on the company has been noticed orreported during the year.
12. According to the information and explanations given by the management theprovisions of Section 197 read with Schedule V of the Companies Act 2013 are notapplicable to the Company.
13. In our opinion the Company is not a Nidhi company. Accordingly the provisions ofClause 3(xii) of the Order are not applicable to the Company.
14. According to the information and explanations given by the management transactionswith the related parties are in compliance with Section 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the notes to the financialstatements as required by the applicable accounting standards.
15. According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully/partly convertible debentures during the year underreview. Accordingly the provisions of Clause 3(xiv) of the Order are not applicable tothe Company.
16. According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in Section 192 of the Companies Act 2013.
17. As per the information and explanations given to us the company is not required toget it registered under section 45-IA of the Reserve Bank of India Act 1934.
|For PRADEEP GUPTA |
|CHARTERED ACCOUNTANTS |
|Mem No: 048979 |
|PAN No :AAAPG7628N |
|Place : Mumbai |
|Date : 9th July2021 |