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Mardia Samyoung Capillary Tubes Company Ltd.

BSE: 513544 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE277E01026
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NSE 05:30 | 01 Jan Mardia Samyoung Capillary Tubes Company Ltd
OPEN 1.91
PREVIOUS CLOSE 1.91
VOLUME 1
52-Week high 2.75
52-Week low 1.91
P/E
Mkt Cap.(Rs cr) 1
Buy Price 1.91
Buy Qty 999.00
Sell Price 1.91
Sell Qty 51.00
OPEN 1.91
CLOSE 1.91
VOLUME 1
52-Week high 2.75
52-Week low 1.91
P/E
Mkt Cap.(Rs cr) 1
Buy Price 1.91
Buy Qty 999.00
Sell Price 1.91
Sell Qty 51.00

Mardia Samyoung Capillary Tubes Company Ltd. (MARDIASAMYOUNG) - Auditors Report

Company auditors report

to the members of Mardia Samyoung Capillary Tubes Company Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of MARDIA SAMYOUNGCAPILLARY TUBES CO. LTD. ("the Company") which comprise the Balance Sheetas at 31 March 2018 the Statement of Profit and Loss Statement of Changes in Equity andthe Statement of Cash Flows for the year then ended including a summary of thesignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements.

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the Indian Accounting Standards (IndAS) prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia.

This responsibility also 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; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. In conducting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder and the Order issued under section 143(11) of the Act.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgement including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone financial statements. We are alsoresponsible to conclude on the appropriateness of management's use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theentity's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in the auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify the opinion. Our conclusions are based on the audit evidence obtained up to thedate of the auditor's report. However future events or conditions may cause an entity tocease to continue as a going concern.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our 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 Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the of the state of affairsof the Company as at 31 March 2018 its Loss changes in equity and its cash flows for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

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 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 (including other comprehensiveincome) the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account maintained for the purpose ofpreparation of the standalone financial statements.

d) In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards prescribed under section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 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 with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

g) 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 in our 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 1 on SIGNIFICANT ACCOUNTING POLICIES tothe standalone financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

For AGRAWAL & AGRAWAL ASSOCIATES

CHARTERED ACCOUNTANTS.

(S.C. AGRAWAL)

PARTNER

M No. : 031774 FRN NO:116653W

Place: Mumbai

Date: 30th May 2018

Annexure "A" to Independent Auditors' Report - March 31 2018

(Referred to in our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of MARDIASAMYOUNG CAPILLARY TUBES CO. LTD. ("the Company") as of 31 March 2018 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 controls over financial reporting criteriaestablished by the Company considering the essential components of internal controlsstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India ("ICAI").These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness ofthe accounting records and the timely preparation of reliablefinancial information as required under the Companies Act 2013 ("the Act").

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 accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing 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 applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal controls based on the assessed risk.The procedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone financial statements whether due tofraud or error. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over 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 controlsover 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 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 2018 based on theinternal controls 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 ICAI.

For AGRAWAL & AGRAWAL ASSOCIATES

CHARTERED ACCOUNTANTS.

(S.C. AGRAWAL)

PARTNER

M No. : 031774

FRN NO:116653W

Place: Mumbai

Date: 30th May 2018

Annexure ‘B' to the Independent Auditor's Report - March 31 2018

(Referred to in our report of even date)

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of MARDIA SAMYOUNG CAPILLARY TUBES CO.LTD. of even date)

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich all fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme a portion of the fixed assets has been physically verifiedby the management during the year and no material discrepancies have been noticed on suchverification. In our opinion this periodicity of physical verification is reasonablehaving regard to the size of the Company and the nature of its assets.

(c) According to the information and explanations given to us the title deeds ofimmovable properties as disclosed in financial statements are held in the name of theCompany.

(ii) The inventory except goods-in-transit and goods lying with third parties hasbeen physically verified by the management at reasonable intervals during the year. In ouropinion the frequency of such verification is reasonable. In respect of inventory lyingwith third parties these have been substantially confirmed by them. The discrepanciesnoticed on verification between the physical stocks and the book records were notmaterial.

(iii) In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Act. Accordingly paragraph 3(iii) of the Order is not applicable to theCompany.

(iv) The Company has not granted any loans to or given any guarantee or provided anysecurity in connection with any loans taken by parties covered under Section 185 of theAct. The Company has complied with the provisions of Section 186 of the Act in respect ofinvestments made or guarantees provided to the parties covered under Section 186 of theAct. The Company has not granted any loans or provided any security to the parties coveredunder Section 186 of the Act.

(v) The Company has not accepted any deposits to which the directives issued by theReserve Bank of India and the provisions of Sections 73 to 76 of the Act and the rulesframed there under apply. Accordingly paragraph 3(v) of the Order is not applicable tothe Company.

(vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including provident fund employees state insurance income taxsales tax service tax duty of customs duty of excise goods and service tax valueadded tax cess and other material statutory dues as applicable with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of provident fund employees state insurance income tax salestax service tax duty of customs duty of excise goods and service tax value added taxcess and other material statutory dues were in arrears as at 31 March 2018 for a period ofmore than six months from the date they became payable other than those mentioned inAppendix A

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax value added tax service tax duty of customs duty of excise whichhave not been deposited with the appropriate authorities on account of any dispute.

(viii) In our opinion and according to the information and explanations given to us andbased on our examination of the records the Company has not defaulted in the repayment ofdues to banks. There are no dues to financial institutions Government or debentureholders.

(ix) According to the information and explanations given to us and based on ourexamination of the records the Company has not obtained any term Loan. The Company has notraised any money by way of initial public offer or further public offer (including debtinstruments) during the year.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

(xi) In our Opinion & according to the Information and explanations given to usthe company has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable. The details of suchrelated party transactions have been disclosed in the standalone financial statements asrequired by applicable accounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.Accordingly paragraph 3(xiv) of the Order is not applicable to the Company.

(xv) According to the information and explanations given to us and based on ourexamination of the records the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable to the Company.

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly paragraph 3(xvi) of the Order is not applicable tothe Company.

For AGRAWAL & AGRAWAL ASSOCIATES

CHARTERED ACCOUNTANTS.

(S.C. AGRAWAL)

PARTNER

M No. : 031774

FRN NO:116653W

Place: Mumbai

Date: 30th May 2018