Marg Techno-Projects Limited
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying Standalone Ind AS financial statements of MargTechno-Projects Limited ("the Company") which comprise the balance sheet as at31 March 2018 the statement of profit and loss (including other Comprehensive Income)the cash flow statement and the Statement of Changes in Equity' for the year then endedand a summary of significant accounting policies and other explanatory information.
Managements responsibility for the financial statements
The Companys Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of theseStandalone Ind AS 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 accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.
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 there under.
We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Standalone Ind AS financial statements. The procedures selected dependon the auditors judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Companys preparation of the standalone Ind AS financial statementsthat give true and fair view in order to design audit procedures that are appropriate inthe circumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by CompanysDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements. We believ^jkajhe atidit evidence we have obtained is sufficient
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS:
(a) in the case of the Balance Sheet of the state of affairs of the company as at 31stMarch 2018
(b) in the case of the Statement of Profit and Loss including other comprehensiveincome of the profit for the year ended on that date
(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date and
(d) in the case of Statement of Changes in Equity of the changes in equity for theyear ended on that date.
The comparative financial information of the Company for the year ended 31st March 2017and the transition date opening balance sheet as at 1st April 2016 included in thesestandalone Ind AS financial statements are based on the previously issued statutoryfinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 audited by us and the report for the year ended 31st March 2017 dated 30thMay 2017 expressed an unmodified opinion on those financial statements as adjusted forthe differences in the accounting principles adopted by the Company on transition to theInd AS which have been audited by us.
Our opinion is not modified in respect of these matters.
Report on other legal and regulatory requirements.
1. As required by the Companies (Auditors Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the "Annexure A" a statementon the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
2. 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 appears from our examination of those books.
(c) the Balance Sheet Statement of Profit and Loss including other comprehensiveincome Cash Flow Statement an Statement of Changes in Equity dealt with by this reportare in agreement with the books of account.
(d) in our opinion the Balance Sheet Statement of Profit and Loss including othercomprehensive income Cash Flow Statement an Statement of Changes in Equity comply withthe Indian accounting standards specified under section 133 of the Companies Act 2013read with Rule 7 of the Companies (Accounts) Rules 2014.
(e) on the basis of written representations received from the directors as on 31 March2018. and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2018 from being appointed as a director in terms of section 164(2) of theCompanies Act 2013.
(f) With respect to the adequacy of the internal financial controls over financialreporting of the
Company and the operating refer to our separate Report in
(g) With respect to the other matters included in the Auditors Report and to thebest of our information and according to the explanations given to us :
i. there are no pending litigations which would impact the financial position of theCompany
ii. the Company does not foresee any material losses on long term contracts includingderivative contracts and hence no provision is made on such contracts
iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
|For Ruparel & Bavadiya ||P N Bavadiya |
|Chartered Accountants ||Partner |
|FRN : 0126260W' ||M. No. 113300 |
|Place : Surat || |
|Date : 30/05/2018 || |
"Annexure A" referred to in paragraph 1 under "Report on Other Legal andRegulatory
Requirements" section of report on standalone financial statements of even date tothe members of
Marg Techno-Projects Limited on the financial statement for the year ended 31MMarch 2018
i. (a) The Company is maintaining proper records showing full particulars includingquantitative
details and situation of its fixed assets.
(b) The fixed assets of the Company in its possession are physically verified by themanagement according to a phased programme designed to cover all the items over a periodwhich in our opinion is reasonable having regard to the size of the Company and the natureof its assets. Pursuant to the programme a portion of the fixed assets have been verifiedby the management during the year and no materia! discrepancies between the book recordsand the physical inventory has been noticed. Confirmations have been received in respectof fixed assets lying with third parties.
(c) According to the information and explanations given to us and to the best of theour knowledge and belief the title deeds of immovable properties are held in name of theCompany.
ii. As the Company is Service Company Primarily rendering financial services.Accordingly does not hold any Physical Inventory. Thus Provision of clause 3(ii) of theorder is not applicable to the company.
iii. The Company has granted Unsecured loans to Parties secured covered in the registermaintained under Section 189 of the Act and with respect to the same.
(a) In our opinion the terns and condition of grant of such loans are not prima facieprejudicial to the companys interest.
(b) The schedule of repayment of principal and payment of interest has been stipulatedand the repayment of the principal amount and the interest are regular.
(c) There is no overdue amount in respect of loans granted to such companies firmsLLPs or other parties.
iv. In our opinion and according to the information and explanations given to us theCompany in respect of loans investments guarantees and security provisions of section185 and 186 of the Companies Act 2013 has been complied with.
v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits within the meaning of Section 73 to section 76 orany other relevant provisions the Companies Act 2013 and the rules framed there under.
vi. In our opinion and according to the information and explanations given to us theCompany has not been specified by Central Government under sub-section (1) of section 148of the Companies Act 2013 for maintenance of cost records etc.
vii. According to the information and explanations given to us and the records of theCompany examined by us in respect of statutory and other dues:
(a) The Company is generally regular in depositing undisputed statutory dues includingProvident Fund Investor Education and I State Insurance Income Tax Sales Tax WealthTax Service Tax Cess and other statutory dues with the appropriate authorities inIndia. According to the information and explanations given to us there are no undisputedamount payable in respect of any such statutory dues which have remained outstanding as at31s1 March 2018 for a period more than six months from the date they becamepayable.
(b) According to the information and explanation given to us there is no amountpayable in respect of Income Tax Sales Tax Service Tax duty of custom duty of Excisevalue added tax which have not been deposited on account of any disputes.
viii. According to the records of the Company examined by us and the information andexplanations given by the management we are of the opinion that the Company has notdefaulted in repayment of dues to financial institutions or banks as at the balance sheetdate.
ix. According to the information and explanations given to us and to the best of theour knowledge and belief term loans availed by the Company were prima facie applied bythe Company during the year for the purpose for which the loans were obtained other thantemporary deployment pending applications. During the year the company has not raisedmoney by initial public offer or further public offer.
x. During the course of our examination of books of account and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to information and explanation given to us we have neither come across anyinstance of material fraud on or by the Company noticed or reported during the year norhave been informed of such cases by the management..
xi. According to the information and explanations given to us and to the best of theour knowledge and belief managerial remuneration has been paid/provided with requisiteapprovals mandated in the provision of section 197 read with Schedule V of the CompaniesAct 2013.
xii. In our opinion and according to the information and explanation given to us theCompany is not a Nidhi Company. Therefore the provisions of clause 3(xii) of the Orderare not applicable to the Company.
xiii. According to the information and explanations given to us and to the best of theour knowledge and belief all transactions with related parties are in compliance withsection 177 and 188 of the Companies Act 2013 wherever applicable and the details oftransactions with related parties have been disclosed in the standalone Ind AS financialstatements as required by the applicable accounting standards.
xiv. The Company has not made during the year any preferential allotment or privateplacement of shares or fully or partly convertible debentures. Therefore the provisionsof clause 4(xiv) of the Order are not applicable to the Company.
xv. According to the information and explanations given to us and to the best of ourknowledge and belief the Company has not entered into any non cash transaction withdirectors or persons connected
with the directors as specified under section 192 of the Companies Act 2013.
xvi. The Company is registered under section 45-IA of the Reserve Bank of India Act1934 and accordingly the provision of clause 3 (xvi) of the Order has been complied with.
For Ruparel & Bavadiya
Chartered Accountants FRN: 0126260W
|Place : Surat |
|Date : 30/05/2018 |
|P N Bavadiya |
|M. No. 113300 |
"Annexure B" referred to in paragraph 2(f) under "Report on Other Legaland Regulatory Requirements" section of report on standalone Ind AS financialstatements of even date to the members of Marg Techno-Projects Limited on the financialstatement for the year ended 31st March 2018.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of MargTechno-Projects Limited ("the Company") as of March 31 2018 in conjunction withour audit of the standalone lnd As financial statements of the Company for the year endedon that date.
Managements Responsibility for Internal Financial Controls
The Companys 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 responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to companys 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.
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 ICA1 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 auditors 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 sufficient and appropriate toprovide a basis for my /our audit opinion on the Companys 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 authorizations ofmanagement and directors of the company; and (3) 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.
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 March 31 2018 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 Ruparel & Bavadiya
Chartered Accountants FRN: 0126260W *'
P N Bavadiya
M. No. 113300
Place : Surat Date : 30/05/2018
MARG TECHNO-PROJECTS LTD
CIN : L69590GJ1993PLC019764