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Maximus International Ltd.

BSE: 540401 Sector: Others
NSE: N.A. ISIN Code: INE544W01013
BSE 00:00 | 28 Feb 70.00 3.00
(4.48%)
OPEN

70.00

HIGH

70.00

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70.00

NSE 05:30 | 01 Jan Maximus International Ltd
OPEN 70.00
PREVIOUS CLOSE 67.00
VOLUME 350
52-Week high 70.00
52-Week low 22.80
P/E 142.86
Mkt Cap.(Rs cr) 88
Buy Price 66.00
Buy Qty 124.00
Sell Price 70.00
Sell Qty 200.00
OPEN 70.00
CLOSE 67.00
VOLUME 350
52-Week high 70.00
52-Week low 22.80
P/E 142.86
Mkt Cap.(Rs cr) 88
Buy Price 66.00
Buy Qty 124.00
Sell Price 70.00
Sell Qty 200.00

Maximus International Ltd. (MAXIMUSINTERNA) - Auditors Report

Company auditors report

To the Members of MAXIMUS INTERNATIONAL LIMITED Report on the Standalone FinancialStatements

We have audited the accompanying standalone financial statements of MAXIMUSINTERNATIONAL LIMITED('the Company') which comprise the balance sheet as at 31 March2018 the statement of profit and loss and the cash flow statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility forthe 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 aboutwhetherthe 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 assessme nt 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

standalone financial statements give the information required by the Act in the mannerso required and give a true

and fair view in conformity with the accounting principles generally accepted in Indiaof the state of affairs of the

Company as at 31 March 2018 and its profit and its cash flows for the year ended onthat 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 the paragraph3 and 4 of the order.

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 our opinion proper books of account as required by law have been kept by theCompany so far as it appears from ourexamination 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 opinion the aforesaid standalone 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 the written representations received from the directors as on 31March 2018 taken on record

by the Board of Directors none of the directors is disqualified as on 31 March 2018from being appointed as a director in terms of Section 164 (2) of the 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 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-ReferNote25(A)(i)and(iii)tothestandalonefinancialstatements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. There has been no such instances requiring transfer of any amounts to the InvestorEducation and Protection Fund by the Company.

For C N K & Associates LLP

Chartered Accountants

Firm Registration No. 101961W / W-100036

SD/-

Alok Shah

Partner

M.No. 42005

Vadodara 29th May2018

Annexure to the Independent Auditors' 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 2018

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

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

As informed to us the Company has a regular programme of physical verification of itsfixed assets by which fixed assets are verified in a phased manner over a period of threeyears. In accordance with this programme certain fixed assets were verified during theyear and no material discrepancies were noticed on such verification. In our opinion thisperiodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets

According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company

According to the information and explanations given to us the inventories have beenphysically verified during the year by the management at reasonable intervals. In ouropinion having regard to the nature and location of stocks the frequency of the physicalverification is reasonable;

In our opinion and according to the information and explanations given to us nodiscrepancies were noticed on physical verification of the inventories;

As per the information and explanations given to us the Company has in an earlier yeargranted unsecured in to a wholly owned subsidiary company covered in the registermaintained under section 189 of the Act;

In our opinion in respect of aforesaid loan the terms and conditions under whichsuch loans were granted are not prejudicial to the interest of the company;

3(b) In our opinion receipt of principal and Interest in case of aforesaid loans areas per the terms of agreement;

3(c) There are no overdue amounts in respect of loans granted;

4 In our opinion and according to the information and explanations given to us the

Company has complied with the provisions of section 185 and 186 of the Act withrespect to the loans and investments made;

5 In our opinion and according to the information and explanations given to us theCompany has not accepted deposits and the compliance with the provisions of sections 73 to76 of the companies Act 2013 and the rules framed there under for the deposits acceptedis not applicable to the company;

6 The Central Government has not prescribed the maintenance of cost records by theCompany under section 148(1) of the Companies Act 2013;

7(a) According to the information and explanations given to us and the records examinedby us the Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income-taxsales-tax service tax goods and service tax custom duty excise-duty value added taxcess and other statutory dues except Income tax amounting to ?3148300/-. According toinformation and explanation given to us and records examined by us the followingundisputed statutory dues were outstanding as at 31st March 2018 for a period of morethan six months from the date they became payable:

1. IncomeTax2414700/-.

We are informed that the provisions relating to provident fund and employees' stateinsurance are not applicable to the company;

7(b) According to the information and explanations given to us and records examined byus there are no dues of sales tax income tax customs service tax goods and servicetax excise duty value added tax or cess that has not been deposited on account of anydispute;

8 In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loan or borrowings to any financial Institutionbanks or Government.

Further the company does not have any debentures issued or outstanding at any timeduring the year;

9 According to the information and explanations given to us no moneys were raised byway of initial public offer or further public offer (including debt instruments) and termloans raised were applied for the purpose for which the loan were raised during the year;

10 During the course of our examination of the books of account and records of thecompany carried out in accordance with generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyincidence of fraud by the Company or any fraud on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by themanagement;

H According to the information and explanations give to us and based on our examinationof the records of the Company the company has not paid any Managerial remuneration duringthe year and therefore this clause is not applicable to the company;

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

13 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;

14 During the year the company made preferential allotment of 1080000 equity sharesof ?10 each at an issue price of Rs 27.50 per share during the year. In our opinion thecompany has complied with the requirement of section 42 of the Act. Based on our auditprocedure and according to the information and explanation give to us we are of theopinion that moneys have been applied for the purpose for which they were raised(ReferNote 30 to the financial statements)

15 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;

16 According to the information and explanations given to us the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For and on behalf of

For C N K & Associates LLP

Chartered Accountants

Firm Registration No. 101961W / W-100036

SD/- Alok Shah Partner M. No:42005

Vadodara 29h May 2018

Independent Auditor's Report

To the Members of MAXIMUS INTERNATIONAL LIMITED

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 MAXIMUSINTERNATIONAL LIMITED ("the Company") as of 31 March 2018 in conjunction withour audit of the standalone financial statements of the Company forthe 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'). These responsibilitiesinclude the design implementation and maintenance of internal financial controls withreference to financial statements that were operating effectively for ensuring the orderlyand efficient 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 of the accounting records and the timely preparation ofreliable financial information as required undertheCompanies 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 whetherinternal financial controls with reference to financial statement over financial reportingwas established and maintained and if such controls operated effectively in all materialrespects.

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 includesthose policiesand procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or

disposition of the company's assets that could have a material effect on the financialstatements.

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 adequate internal financialcontrols with reference to financial statement system over financial reporting and suchinternal financial controls over financial reporting were operating effectively as at 31March 2018 based on the internal control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For C N K & Associates LLP

Chartered Accountants

Firm Registration No. 101961W / W-100036

SD/-

Alok Shah Partner M. No:42005 Vadodara 29h May 2018