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Mauria Udyog Ltd.

BSE: 539219 Sector: Others
NSE: N.A. ISIN Code: INE150D01019
BSE 00:00 | 14 Feb 68.30 0
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68.30

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NSE 05:30 | 01 Jan Mauria Udyog Ltd
OPEN 68.30
PREVIOUS CLOSE 68.30
VOLUME 1
52-Week high 412.10
52-Week low 68.30
P/E
Mkt Cap.(Rs cr) 91
Buy Price 88.00
Buy Qty 1.00
Sell Price 68.30
Sell Qty 99999.00
OPEN 68.30
CLOSE 68.30
VOLUME 1
52-Week high 412.10
52-Week low 68.30
P/E
Mkt Cap.(Rs cr) 91
Buy Price 88.00
Buy Qty 1.00
Sell Price 68.30
Sell Qty 99999.00

Mauria Udyog Ltd. (MAURIAUDYOG) - Auditors Report

Company auditors report

TO THE MEMBERS OF MAURIA UDYOG LIMITED

Report on the Standalone IND AS Financial Statements

We have audited the accompanying Standalone IND AS financial statements of MAURIAUDYOG LIMITEDwhich comprise the Balance Sheet as at March 312018 theStatement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information(hereinafter referred toas the 'Standalone IND AS financial statements').

Management's Responsibility for the Standalone IND AS 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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.

Auditor's Responsibility

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 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 IND AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the IND AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone IND AS financial statements whether due to fraud or error. In making thoserisk assessments we consider internal financial control relevant to the Company'spreparation of the standalone IND AS financial statements that give a true and fair viewin order to design audit procedures that are appropriate in the circumstances. An auditalso includes 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 IND AS 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 IND AS financial statements.

Opinion

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 of the state of affairs of theCompany as at 31st March 2018 and its Profit and its cash flow for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditor's Report) Order 2017 ("the Order")issued by the Central Government of India in terms of sub-section(11) of section 143 ofthe Companies Act 2013 we give in the Annexure A a statement on the matters specifiedin paragraphs 3 and 4 of the Order to the extent applicable.

II. 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 and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone IND AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2018 taken on record by the board of directors none of the director is disqualified as on31 March 2018 for being appointment as a director in terms of the 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 effectiveness of such controls refer to ourseparate 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 IND AS financial statements if any.

ii) The Company has made provision as required under the applicable law or AccountingStandards for material foreseeable losses if any.

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund.

For U.K Goenka& Co.
Chartered Accountants
Firm Registration No.:010549N
Sd. /-
Place: New Delhi UMESH GOENKA
Date: 28.05.2018 Partner
Membership No.: 083410

ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT ON MAURIA UDYOG LIMITED

(Referred to Paragraph 1 of Report on Other Legal and Regulatory Requirements of ourReport of even date)

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we state that:

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

b) As explained to us fixed assets are physically verified by the management atreasonable intervals in a phased verification programme which in our opinion isreasonable looking to the size of the Company and the nature of its business. Accordingto the information and explanations given to us no material discrepancies were noticed onsuch verification.

c) According to the information and explanations given to us and on the basis of ourexamination of records of the company the title deed of immovable property is held in thename of company.

ii. a) As explained to us physical verification of inventories has been conducted bythe management at reasonable intervals by the management.

b) Procedures of physical verification of inventory followed by the management isreasonable andadequate in relation to the size of the company and the nature of thebusiness.

c) Company is maintaining proper records of inventory and no material discrepancieswere noticed on physical verification.

iii. According to the information and explanations given to us the Company has grantedunsecured loans and advances to threeparties listed in the register maintained undersection 189 of the Companies Act 2013.No formal stipulations in relation to interestrepayment schedule and other terms and conditions has been made therefore we are not inposition to comment upon the sub-clauses (iii)(a) and (iii) (c).

iv. According to the information and explanations given to us the Company has compliedwith the provisions of section 185 and 186 of Company's Act 2013 in relation to loansinvestments guarantee and securities given if any.

v. According to the information and explanations given to us theCompany has notaccepted any deposits from the public.

vi. We have broadly reviewed the books of accounts maintained by the company in respectof the products where pursuant to Rules made by the Central Govt. of India themaintenance of cost records has been prescribed under sub-section (1) of section 148 ofthe Company Act 2013 and are of the opinion that prima-facie the prescribed accounts andrecords have been made and maintained in respect of steels tubes & pipes and othersteel products. We have not however made a detailed examination of the records with aview to determine whether they are accurate and complete.

vii. a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxsales tax value added tax duty of customs service tax Goods & Service Tax (GST)cess and other material statutory dues have been regularly deposited during the year bythe Company with the appropriate authorities. As explained to us the Company did not haveany dues on account of employees' state insurance and excise duty.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax duty ofcustoms service tax Goods & Service Tax (GST) cess and other material statutorydues were in arrears as at 31 March 2018 for a period of more than six months from thedate they became payable.

b) On the basis of information and explanations given to us there are no disputedStatutory Dues which have not been deposited with the appropriate authorities

viii. The Company did not defaulted in repayment of any loan or borrowing from anyfinancial institution bank government or debenture holders during the year. Thusparagraph 3(viii) of the order is not applicable.

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instrument) but has taken term loans during the year andutilised the same for the purpose for which the funds were raised.

x. During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted audit practices in India andaccording to the information and explanation given to us we have neither come acrossinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the management.

xi. According to the information and explanations given to us managerial remunerationhas been paid by the Company is in compliance with requisite approvals mandated byprovisions of Section 197 of Companies Act 2013.

xii. Paragraph 3(xii) regarding the Nidhi Companyis not applicable to the Company.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with related parties are incompliance with section 177 and 188 of Companies Act2013 where applicable and details ofsuch transactions is disclosed in notes to accounts as required by the applicableAccounting Standards.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

xv. To the best of our knowledge and belief and as per the information and explanationsgiven to us the Company hasnot entered into any non-cash transaction with directors orpersons connected within.

xvi. The activities carried by the company other than the main operative business arenot to the extent which require registration under section 45-IA of the Reserve Bank ofIndia Act 1934.

For U.K Goenka & Co.
Chartered Accountants
Firm Registration No.:010549N
Sd. /-
Place: New Delhi UMESH GOENKA
Date: 28.05.2018 Partner
Membership No.: 083410

ANNEXURE ' B' TO THE INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013("the Act")

(Referred to Paragraph 2(f) of Report on Other Legal and Regulatory Requirements of ourReport of even date)

We have audited the internal financial controls over financial reporting of MAURIAUDYOG LIMITED as of 31 March 2018 in conjunction with our audit of the IND ASfinancial 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 ('ICAI). 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.

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 themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3)provide reasonable assuranceregarding prevention or timely detection of unauthorised acquisition use or dispositionof the Company'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 31 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 U.K Goenka& Co.
Chartered Accountants
Firm Registration No.: 010549N
Sd. /-
Place: New Delhi UMESH GOENKA
Date: 28.05.2018 Partner
Membership No.: 083410