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Maral Overseas Ltd.

BSE: 521018 Sector: Industrials
NSE: MARALOVER ISIN Code: INE882A01013
BSE 00:00 | 27 Jul 75.10 1.35
(1.83%)
OPEN

75.90

HIGH

77.40

LOW

73.80

NSE 00:00 | 27 Jul 75.50 1.50
(2.03%)
OPEN

75.50

HIGH

77.70

LOW

73.40

OPEN 75.90
PREVIOUS CLOSE 73.75
VOLUME 29329
52-Week high 77.40
52-Week low 10.77
P/E 24.87
Mkt Cap.(Rs cr) 312
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 75.90
CLOSE 73.75
VOLUME 29329
52-Week high 77.40
52-Week low 10.77
P/E 24.87
Mkt Cap.(Rs cr) 312
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Maral Overseas Ltd. (MARALOVER) - Auditors Report

Company auditors report

To the Members of Maral Overseas Limited Report on the Audit of Financial StatementsOpinion

We have audited the accompanying financial statements ofMaral

Overseas Limited (‘the Company') which comprise the Balance

Sheet as at 31 March 2020 the Statement of Profit and Loss (including

Other Comprehensive Income) Statement of Changes in Equity and the Statement of CashFlows for the year then ended and notes to the financial statements including a summaryof the significant accounting policies and other explanatory information (herein afterreferred to as "financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial the information required by the Companies Act 2013("the Act") in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended ("IndAS") and other accounting principles generally accepted in India of the state ofaffairs of the company as at 31 March 2020 and the loss and total comprehensive losschanges in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act (SAs). Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (ICAI) together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.

Key Audit Matters

Key Audit Matters (KAM) are those matters that in our professional judgement were ofmost significance in our audit of the financial statements of the current period. Thesematters were addressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon and we do not provide a separate opinion on thesematters.

We have 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 comprises the information included in the Management Discussion and AnalysisDirector's Report including annexures to Director's Report Report on Corporate Governanceand Shareholder Informations but does not include the financial statements and ourauditor'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 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. Based on therecords information and explanation provided we have nothing 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 statements give position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended (Ind AS"). Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments 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 misstatements whether due to fraudor error.

In preparing the financial statements the Board of Directors 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 unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the

Company's financial reporting 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 financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates 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 uncertaintyexists related to events or conditions that may cast significant on the Company's abilityto continue as a going concern. If we conclude that a material uncertainty exists we arerequired to draw attention in our auditor's report to the related disclosures in thefinancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions 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 financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions 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 areasonable knowledgeable user of the financial statements may be influenced. qualitativefactors in (i) planning the scope of our audit work and in evaluating the results of ourwork; and (ii) to evaluate the effect of any identified misstatements in the financialstatements.

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 internal control that we identify during our audit. We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

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 section 143(11) of theCompanies Act 2013 we give in "Annexure – A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

As required by section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; c. The Balance Sheet Statement of Profit ash Flow andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account; d. In our opinion the aforesaid financial statements comply with the Ind ASspecified under Section 133 of the Act read with rule 7 of the Companies (Accounts) Rules2014; e. On the basis ofdoubt written representations received from the Directors as on 31March 2020 and taken on record by the Board of Directors none of the directors isdisqualified as on 1 March 2020 from being appointed as a director in terms of Section164(2) of the Act; f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in "Annexure – B"; g. With respect to the othermatters to be included in the Auditor's Report in accordance with the requirements ofsection 197(16) of the Act as amended: As per the information and explanation given to usand on the basis of our examination of the records managerial remuneration has been paidor provided as specified by the provisions of

Section 197 read with Schedule V to the Act.

We considerquantitativeand h. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 as amended in our opinion and to the best of our information and according to theexplanations given to us: i) The Company has disclosed the impact of pending litigationson its financial position in the financial statements - Refer Note 37 to the financialstatements; ii) The Company did not have long term contracts including derivativecontracts for which there were any material foreseeable losses; iii) There were no amountswhich were required to be transferred to the Investor Education and Protection Fund by theCompany.

For S. S. KOTHARI MEHTA & CO. For P.K. DEORA & CO.
(Chartered Accountants) (Chartered Accountants)
Firm Registration No. 000756N Firm Registration No. 004167N
Neeraj Bansal Pawan Kumar Deora
Partner Proprietor
Membership No. 095960 Membership No. 083308
UDIN: 20095960AAAAEU3631 UDIN: 20083308AAAAA3885
Place: Noida (U.P.)
Date:June 19 2020

"ANNEXURE A" TO THE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARALOVERSEAS LIMITED

Report on the matters specified in paragraph 3 of the Companies (Auditor's Report)Order 2016 ("the Order") issued by the Central Government of India in terms ofsection 143(11) of the Companies Act 2013 ("the Act") as referred to inparagraph 1 of "Report on Other Legal and Regulatory Requirement's " section

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has physically verified these fixed assets per its program of physicalverification that covers every item of fixed assets over a period of two years. Accordingto information and explanation given to us no material discrepancies were noticed on suchverification;

(c) According to information and explanation given to us and on the basis of ourexamination of the records of the company title deeds are in the name of the company.However for properties which are pledged as security with IFCI Limited for securing thefacilities have been verified based on the documents received from IFCI.

(ii) The physical verification of inventory except material lying with third partieshas been conducted at reasonable intervals by the management. No material discrepancieswere noticed on such physical verification.

(iii) According to the information and explanation given to us the Company has notgranted any loans secured or unsecured to companies firms and limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Therefore Sub clauses 3(iii)(a) (iii)(b) & (iii)(c) of theorder are not applicable.

(iv) According to the information and explanation given to us the Company has compliedwith the provisions of section 185 and 186 of The Companies Act 2013 in respect of loansinvestments guarantees and securities made; (v) According to the information andexplanation given to us Company has not accepted any public deposits during the year.Further we have not came across any such deposit(s) nor the management has reported anysuch deposit(s) therefore the directives issued by the Reserve Bank of India and theprovisions of sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the rules framed thereunder are not applicable; (vi) We have broadly reviewed thebooks and records required to be maintained as specified by the Central Government undersubsection (l) of section 148 of companies Act 2013 and we are of the opinion that primafacie the prescribed accounts and records are being maintained; We have not howevermade a detailed examination of same; (vii) (a) The Company is generally regular indepositing undisputed statutory dues including provident fund employees' state insuranceincome tax service tax duty of customs duty of excise Value added tax Goods andServices Tax cess and other material statutory dues to the appropriate authorities. Thereare no arrears of outstanding statutory dues as at the last day of the financial yearconcerned for a period of more than six months from the date they became payable.

(b) The particulars of dues of Income Tax or Sales Tax or Service Tax or duty ofcustoms or duty of Excise or Value Added Tax have not been deposited on account of anydispute are as under:

Name of the Statute Nature of Dues Related Year *Amount Rs In Lakh Forum where the dispute is pending
Income Tax Act Disallowance of deduction u/s AY 2002-03 45.00 CIT (Appeals) & Dy CIT (For rectification)
10B 35D & 80HHC u/s 115JB AY 2003-04 27.64 CIT (Appeals)
AY 2009-10 320.00 CIT (Appeals)
Custom Act Duty on Coal Import FY 2012 5.56 Comm (Appeals)
Duty on Coal Import FY 2012 28.48 CESTAT
State Sales Tax Act Entry Tax FY 2007-08 53.60 MP CT Appellate Board Bhopal
Entry Tax FY 2008-09 9.34 MP CT Appellate Board Bhopal

*This includes interest & penalty.

(viii) The Company has not defaulted in repayment of loans or borrowings during theyear to any financial institution bank or government. The Company has not issued anydebentures; (ix) The company has not raised any money by way of initial public offer orfurther public offer (including debt instruments) during the year. Term loans were appliedfor the purposes for which those were raised; (x) According to the information andexplanations given to us and audit procedure followed no fraud by the Company or on theCompany by its officers or employees has been noticed or reported during the year; (xi)According to the information and explanations given to us and based on our examination ofthe records of the company the Company has paid or provided for the managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Companies Act 2013; (xii) The Company is not aNidhi Company; therefore clause (xii) of the order is not applicable to the Company;(xiii) According to the information and explanation given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with section 177 & 188 of Companies Act 2013 where applicable and thedetails of such transactions have been disclosed in the financial statements as requiredby the applicable Accounting

Standards;

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under audit; (xv)According to the information and explanations given to us and based on our examination ofthe records of the company the company has not entered into any non-cash transactionswith directors or persons connected with him. Accordingly clause (xv) of paragraph 3 ofthe order is not applicable to the company; (xvi) The Company is not required to beregistered under section 45-IA of the reserve Bank of India Act 1934.

For S. S. KOTHARI MEHTA & CO. For P.K. DEORA & Co.
(Chartered Accountants) (Chartered Accountants)
Firm Registration No. 000756N Firm Registration No. 004167N
Neeraj Bansal Pawan Kumar Deora
Partner Proprietor
Membership No. 095960 Membership No. 083308
UDIN: 20095960AAAAEU3631 UDIN: 20083308AAAAA3885
Place: Noida (U.P.)
Date:June 19 2020

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

THE MEMBERS OF MARAL OVERSEAS LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") as referred to in paragraph 2(f) of‘Report on Other Legal and Regulatory Requirements' section

We have audited the internal financial controls over financialreporting of MaralOverseas Limited ("the Company") as of 31 March 2020 in conjunction withour audit of the 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 responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's 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 accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") issued byInstitute of Chartered Accountants of India (ICAI) and the Standards on Auditingprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and the Guidance

Note require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting established and maintained and if such controls operated effectivelyin 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 whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficientand appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial

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 policiesthat: and procedures a) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; b) 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 authorizations ofmanagement and directors of the company; and c) provide reasonable assurance regardingprevention or timely detection of unauthorized 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.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlsover financial reporting and such internal financial controls over financial reportingwere operating effectively as at 31 March 2020 based on "the internal control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia".

For S. S. KOTHARI MEHTA & CO. For P.K. DEORA & Co.
(Chartered Accountants) (Chartered Accountants)
Firm Registration No. 000756N Firm Registration No. 004167N
Neeraj Bansal Pawan Kumar Deora
Partner Proprietor
Membership No. 095960 Membership No. 083308
UDIN: 20095960AAAAEU3631 UDIN: 20083308AAAAA3885
Place: Noida (U.P.)
Date:June 19 2020 .

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