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Maral Overseas Ltd.

BSE: 521018 Sector: Industrials
NSE: MARALOVER ISIN Code: INE882A01013
BSE 00:00 | 24 Jun 68.55 6.20
(9.94%)
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68.00

HIGH

68.55

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66.50

NSE 00:00 | 24 Jun 69.00 5.35
(8.41%)
OPEN

67.95

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70.00

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OPEN 68.00
PREVIOUS CLOSE 62.35
VOLUME 2620
52-Week high 138.00
52-Week low 45.30
P/E 4.25
Mkt Cap.(Rs cr) 285
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 68.00
CLOSE 62.35
VOLUME 2620
52-Week high 138.00
52-Week low 45.30
P/E 4.25
Mkt Cap.(Rs cr) 285
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 the Financial Statements

Opinion

We have audited the accompanying financial statements of Maral Overseas Limited ('theCompany') which comprise the Balance Sheet as at 31st March 2021 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and notes to thefinancial statements including a summary of the significant accounting policies and otherexplanatory information (herein after referred to as "financial statements").

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 Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the company as at 31st March 2021 and its profit totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

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 ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion on the financial statement.

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 information's 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 position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended (Ind AS").

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatements whether due to fraud or 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.

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 controls relevant to the audit inorder to 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 reasonablenessof accounting estimates and related disclosures made by 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. 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 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 areasonable 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.

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 theCentral Government of India in terms of section 143(11) of the Companies Act 2013 wegive in "Annexure - A" a statement on the matters specified in paragraphs3 and 4 of the Order.

As required by section 143(3) of the Act 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 purpose 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 including other comprehensiveincome Statement of Cash Flow and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder Section 133 of the Act read with rule 7 of the Companies (Accounts) Rules 2014;

e. On the basis of the written representations received from the Directors as on 31March 2021 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director interms of 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 express an unmodifiedopinion on the adequacy and operating effectiveness of the company's internal financialcontrols over financial 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:

As per the information and explanation given to us and on the basis of our examinationof the records managerial remuneration has been paid or provided as specified by theprovisions of Section 197 read with Schedule V to 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 has disclosed the impact of pending litigations on its financialposition in the financial statements - Refer Note 37 to the financial statements;

ii) The Company did not have 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 S. S. KOTHARI MEHTA & CO. For P.K. DEORA & CO.
Chartered Accountants Chartered Accountants
Firm Registration No. 000756N Firm Registration No. 004167N
Sd/- Sd/-
Neeraj Bansal Pawan Kumar Deora
Partner Proprietor
Membership No. 095960 Membership No. 083308
Place: Delhi Place: Delhi
Date: 30th April 2021 Date: 30th April 2021
UDIN: 21095960AAAADA8379 UDIN: 21083308AAAAAS5272

"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 as per its program ofphysical verification that covers every item of fixed assets over a period of two years.According to information and explanation given to us no material discrepancies werenoticed on such verification;

(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 and explanation given to us Company has not acceptedany public deposits during the year. Further we have not came across any such deposit(s)nor the management has reported any such deposit(s) therefore the directives issued bythe Reserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed thereunder are not applicable;

(vi) We have broadly reviewed the books and records required to be maintained asspecified by the Central Government under sub-section (l) of section 148 of companies Act2013 and we are of the opinion that prima facie the prescribed accounts and records arebeing maintained; We have not however made a detailed examination of same;

(vii) (a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income tax service tax duty ofcustoms duty of excise Value added tax Goods and Services Tax cess and other materialstatutory dues to the appropriate authorities. There are no arrears of outstandingstatutory dues as at the last day of the financial year concerned for a period of morethan six months from the date they became payable.

(b) The particulars of dues of Income Tax Sales Tax Service Tax duty of customsduty of Excise and Value Added Tax have not been deposited on account of any dispute areas 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 10B 35D AY 2002-03 45.00 CIT (Appeals) & Dy CIT (For rectification)
& 80HHC u/s 115JB AY 2003-04 27.64 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 or furtherpublic offer (including debt instruments) during the year. Term loans were applied for thepurposes for which those were raised;

(x) According to the information and explanations given to us and audit procedurefollowed no fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the year;

(xi) According to the information and explanations given to us and based on ourexamination of the records of the company the Company has paid or provided for themanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Companies Act 2013;

(xii) The Company is not a Nidhi Company; therefore clause (xii) of the order is notapplicable 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 ourexamination of the records of the company the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly clause (xv) ofparagraph 3 of the order is not applicable to the company;

(xvi) The Company is not required to be registered under section 45-IA of the reserveBank 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
Sd/- Sd/-
Neeraj Bansal Pawan Kumar Deora
Partner Proprietor
Membership No. 095960 Membership No. 083308
Place: Delhi Place: Delhi
Date: 30th April 2021 Date: 30th April 2021
UDIN: 21095960AAAADA8379 UDIN: 21083308AAAAAS5272

"Annexure - B" To the Independent Auditor's Report to the Members of MaralOverseas 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 financial reporting of MaralOverseas Limited ("the Company") as of 31st March 2021 inconjunction with our audit of the financial statements of the Company for the year endedon 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 requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due 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:

a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

b) 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

c) 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 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 31st March 2021 based on "the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India"

For S. S. KOTHARI MEHTA & CO. For P.K. DEORA & CO.
Chartered Accountants Chartered Accountants
Firm Registration No. 000756N Firm Registration No. 004167N
Sd/- Sd/-
Neeraj Bansal Pawan Kumar Deora
Partner Proprietor
Membership No. 095960 Membership No. 083308
Place: Delhi Place: Delhi
Date: 30th April 2021 Date: 30th April 2021
UDIN: 21095960AAAADA8379 UDIN: 21083308AAAAAS5272

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