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Matra Realty Ltd.

BSE: 512167 Sector: Financials
NSE: N.A. ISIN Code: INE190E01021
BSE 00:00 | 22 Oct Matra Realty Ltd
NSE 05:30 | 01 Jan Matra Realty Ltd
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Sell Qty 0.00
OPEN 0.37
CLOSE 0.37
VOLUME 50
52-Week high 0.37
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Matra Realty Ltd. (MATRAREALTY) - Auditors Report

Company auditors report

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements MATRA REALTY LIMITED("the Company") which comprises the balance sheet as at 31 March 2017 thestatement of profit and loss the cash flow statement for the year then ended and asummary of significant 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 and cash flows of the Company in accordance with theaccounting 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. 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 financial statements.

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 of the state of affairs of the Companyas at 31 March 2017 and its Loss 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 statement on the matters specified in the paragraph 3and 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 purposes of our audit; (b) In ouropinion proper books of account as required by law have been kept by the Company so far asit appears from our examination of those books;

(c) The balance sheet the statement of profit and loss and the cash flow statementdealt with by this Report are in agreement with the books of account; (d) In our opinionthe aforesaid standalone financial statements comply with the Accounting Standardsspecified under 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 directorsas on 31 March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 from being appointed as a director in terms of Section164 (2) of the Act; and (f) With respect to the adequacy of the internal financialcontrols over financial reporting of the company and the operating effectiveness of suchcontrols refer to our Separate Report as 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) TheCompany does not have any pending litigations which would impact its financial position.ii) The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses. iii) There have been no amounts whichare required to be transferred to the Investor Education and Protection Fund by theCompany. iv) The company has provided requisite disclosure in Financial Statements asregards its holding and dealings in Specified Bank Notes as defined in Notification NoS.O.3407(E) dated November 8 2016 of the Ministry of Finance during the period fromNovember 8 2016 to December 30 2016.Based on audit procedures performed andrepresentations provided to us by the management we report that the disclosures are inaccordance with the books of accounts maintained by the company and as produced to us bythe Management – Refer Note to the financial statements.

For and on behalf of

K.M.Tapuriah & Co

Chartered Accountants

Firm Registration Number: 314043E

Sd/-

Ca Naveen Mohta

(Partner)

Membership No. 048111

Place: Mumbai

Date: August 23 2017

Annexure to the Independent Auditors' Report Annexure "A" to the IndependentAuditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2017 we reportthat: (i) (a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) As per the information and explanations given to us the fixed assets have beenphysically verified by the management during the year in accordance with the phasedprogramme of verification adopted by the Company and no material discrepancies werenoticed on such verification; (c) According to the information and explanations given tous and on the basis of our examination of the records of the Company the title deeds offreehold land are held in the name of the Company.

(ii) As the Company had no inventories during the year clause (ii) of paragraph 3 ofthe Order is not applicable to the company. (iii) The Company has not granted any loanssecured or unsecured to companies firms or other parties covered in the registermaintained under section 189 of the Companies Act 2013 (‘the Act').

(iv) In our opinion and according the information and explanation given to us thereare no loans guarantees and securities granted in respect of which provisions of section185 and 186 of the Companies Act 2013 are applicable and hence not commented upon.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable (vi) To thebest of our knowledge and belief the Central Government has not prescribed themaintenance of cost records under section 148(1) of the Act 2013 for any of the servicesrendered by the Company. Accordingly the provisions of clause 3(vi) of the Order are notapplicable.

(vii) (a) According to the information and explanations given to us and the recordsexamined by us the Company is not regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees state insurance income-taxsales-tax wealth-tax service tax duty of customs duty of excise value added tax cessand other statutory dues and there have been material delays in number of cases. Thearrears of of outstanding undisputed dues as at 31st March 2017 for a period of more thansix months from the date they became payable are as under.Name of the Nature of Period toAmount involved Due DateStatute Dues which amount (Rs) relates Income tax Act 1961 IncomeTax AY 2007-08 183264/- Various Dated Income tax Act 1961 Income Tax AY 2009-10 3766/- Various DatedIncome tax Act 1961 Income Tax AY 2009-10 10000/ - Various Dated &Penalty (b) According to the records of the Company there are no dues of Income Taxsales tax wealth tax service tax custom duty excise-duty cess which have not beendeposited on account of disputes.

(c) According to the information and explanations given to us there are no amountswhich were required to be transferred to the investor education and protection fund.

(d) The Company has accumulated loss of Rs. 70.89 Lacs (Previous period accumulatedloss Rs. 64.21 Lacs and net loss of Rs 5.76 Lacs) and has incurred cash loss of Rs. 3.99Lacs during the reporting period covered by our audit.

(viii) The Company does not have any loan or borrowing from any financial institutionbanks government or debenture-holders during the year. Accordingly the provisions ofclause 3(viii) of the Order are not applicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3(ix) of the Order is not applicable.

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

(xi) According to the information and explanations given 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 provision ofsection 197 read with Schedule V of 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 not applicable.

(xiii) In our opinion all transactions with the related parties are in compliance withsection177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards. (xiv) Based uponthe audit procedures performed and the information and explanations given by themanagement the company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review and hencenot commented upon.

(xv) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

(xvi) In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934.

For and on behalf of

K.M.Tapuriah & Co

Chartered Accountants

Firm Registration Number: 314043E

Sd/-

Ca Naveen Mohta

(Partner)

Membership No. 048111

Place: Mumbai

Date: August 23 2017

Annexure "B" to the Auditors' Report

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 MatraRealty Limited ("the Company") as of March 31 2017 in conjunction with ouraudit 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 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 company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal controls overfinancial reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 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.

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 March 31 2017 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 and on behalf of

K.M.Tapuriah & Co

Chartered Accountants

Firm Registration Number: 314043E

Sd/-

Ca Naveen Mohta

(Partner)

Membership No. 048111

Place: Mumbai

Date: August 23 2017