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Mask Investments Ltd.

BSE: 538376 Sector: Financials
NSE: MASKINVEST ISIN Code: INE885F01015
BSE 05:30 | 01 Jan Mask Investments Ltd
NSE 13:46 | 20 Feb 28.70 -1.50
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Mask Investments Ltd. (MASKINVEST) - Auditors Report

Company auditors report

To

The Members of

MASK INVESTMENTS LIMITED

Report of the Financial Statements

We have audited the accompanying financial statements of Mask Investments Limited (‘theCompany') which comprise the balance sheet as at 31 March 2018 the statement of profitand loss and the cash flow statement for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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 materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

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

Opinion

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 the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2018 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure "A" a statement on the matters specified in theparagraph 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 & 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 accounts as required by law have been kept by thecompany so far as appears from our examination of such books.

c) The Balance Sheet Statement of Profit & Loss Account and cash flow statementdealt with by this report are in agreement with the books of account. d) In our opinionthe aforesaid financial statements comply with the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014; e) Onthe basis of the written representations received from the directors as on 31st March2018 and taken on record by the board of directors none of the directors is disqualifiedas on 31st March 2018 from being appointed as a directors in terms of section 164(2) ofthe 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". g) With respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the

Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. the Company has disclosedthe impact of pending litigations if any on its financial position in its financialstatements in Note NO. 16(a) on "Contingent Liabilities"; ii. the Company didnot have any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses; iii. there were no amounts which were required to betransferred to the Investor Education and Protection Fund by the Company.

For RAJENDRA SHARMA & ASSOCIATES
Chartered Accountants
Firm Registration No.:
108390W
(RAJENDRA RATANLAL SHARMA)
Partner
Membership No. 44393
Surat 19th May 2018

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT of MASK INVESTMENTS LTD. foryear ended 31st March 2018 (Referred to in Paragraph e1' under "Report onOther Legal and Regulatory Requirements' of our report of even date)

i. As the company does not have any fixed assets during the year the provisions ofParagraph 3 (i) of the Order are not applicable to the company.

ii. There are no inventories of the company. Thus the provisions of this Paragraph ofthe Order are not applicable.

iii. (a) As informed to us the company has not granted loans to companies firms orother parties covered in the Register maintained under section 189 of the Companies Act2013 (‘the Act'). Hence provisions of Paragraph 3 (iii) of the Order are notapplicable.

iv. As informed and explained to us the Company has not given any guarantee orsecurity against loan taken by any other body corporate or person. As per information andexplanation given to us the Company is Non-Banking Financial Company (NBFC) and thusprovisions of Section 185 and 186 in respect of loans given and investments made is notapplicable to the company.

v. According to information & explanation given to us the company has not acceptedany deposit.

vi. As explained to us the requirements of maintenance of cost accounts and recordsare not applicable to the company.

vii. (a) As explained to us laws of provident fund & E.S.I are not applicable tothe company. The company has generally been regular in depositing the other undisputedstatutory dues including income tax sales tax service tax duty of customs duty ofexcise value added tax cess and other material statutory dues applicable to it withthe appropriate authorities. According to the information and explanation given to us noundisputed amounts in respect of income tax sales tax service tax duty of customs dutyof excise value added tax cess were in arrears as at 31st March 2018 for a period ofmore than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofsales tax income tax custom duty service tax excise duty and cess which have not beendeposited on account of any dispute.

viii. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of loans or borrowing to the financialinstitutions banks or government. As explained to us no debenture has been issued by thecompany.

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments). There are no terms loans raised / outstandingduring the year under consideration.

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. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 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 and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

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 non cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. The Company is required to be registered under section 45 IA of the Reserve Bankof India Act 1934. The company has obtained registration vide registration No. B.01.00473.

For RAJENDRA SHARMA & ASSOCIATES
Chartered Accountants
Firm Registration No.:
108390W
(RAJENDRA RATANLAL SHARMA)
Surat 19th May 2018 Partner
Membership No. 44393

Annexure "B" to the Independent Auditor's Report of Even date on theFinancial Statements of Mask

Investment Limited for year ended on 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 MaskInvestment Limited ("the Company") as of 31st March 2018 in conjunction withour audit of standalone financial statements of the Company for the year ended on thatdate.

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 (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' 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 ICAI 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 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 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 (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 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 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 31st March 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 RAJENDRA SHARMA &
ASSOCIATES
Chartered Accountants
Firm Registration No.:
108390W
(RAJENDRA RATANLAL SHARMA)
Partner
Membership No. 44393
Surat 19th May 2018