You are here » Home » Companies » Company Overview » Midas Infra Trade Ltd

Midas Infra Trade Ltd.

BSE: 531192 Sector: Consumer
NSE: N.A. ISIN Code: INE290M01022
BSE 00:00 | 20 Sep 1.05 0.01
(0.96%)
OPEN

1.05

HIGH

1.05

LOW

0.99

NSE 05:30 | 01 Jan Midas Infra Trade Ltd
OPEN 1.05
PREVIOUS CLOSE 1.04
VOLUME 8208
52-Week high 1.85
52-Week low 0.51
P/E
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.05
CLOSE 1.04
VOLUME 8208
52-Week high 1.85
52-Week low 0.51
P/E
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Midas Infra Trade Ltd. (MIDASINFRATRA) - Auditors Report

Company auditors report

TO THE MEMBERS OF MIDAS INFRA TRADE LIMITED Report on the IND AS Financial Statements

Qualified Opinion

We have audited the accompanying Ind AS financial statements of MIDAS INFRA TRADELIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2019 the Statement of Profit and Loss the Statement of Cash Flows and theStatement of Changes in Equity for the year then ended on that date including a summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas ‘financial statements').

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effect of the matters described in the Basis for Qualifiedopinion referred to in our report which could not be quantified the aforesaid financialstatements give the information required by the Companies Act 2013 ("the Act")in 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 2019 the profit its cash flows and changes in equity for the year ended on thatdate.

Basis for Qualified Opinion

We report the following observations / comments /discrepancies/ inconsistencies:

• Non-Current investment under financial assets have been reported at the historiccost and is not in compliance with Ind as -109 on financial instruments.

• Other Non-Current assets under loans in Financial Assets includes securitydeposits amounting to Rs 10695764/- at the historic cost and is not in compliance withInd As- 109 on financials instruments

• Other Non-Current assets under loans in Financial Assets include advances of Rs3 99 39344/- documentation for the confirmation and the terms of the said loans andadvances were not available for our review.

• Borrowings under Financial liabilities include unsecured loans amounting to Rs14 70 00000/- from various body corporates. As per the terms and conditions mentionedin the notarized agreements produced before us the said loans are interest free andrepayable as to be decided by the mutual agreement of both the parties which is not incompliance with Ind As-109 on financials instruments as to amortized cost.

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion on the financial statements.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the Other Information. The OtherInformation comprises the information included in the Director's Report but does notinclude the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the Other Information and we donot express any form of assurance / conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the accounting standards specified under section 133 of theAct. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgements 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.

In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing an opinion on whether theCompany has in place an adequate internal financial control system over financialreporting and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements

including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Other Matter

Previous year figures are as per the financial statements audited by M/s Moon andCompany (Chartered Accountants) and are relied upon. The previous year figures have beenregrouped/rearranged wherever necessary to make them comparable with the current yearfigures.

Report on Other Legal and Regulatory Requirements

3 As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the

Central Government of India in terms of sub-section (11) of Section 143 of the Act we

give in the Annexure-A a statement on the matters specified in paragraph 3 and 4 ofthe

Order to the extent applicable.

4 As required by Section 143(3) of the Act we report that:

(i) 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.

(j) 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.

(k) Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of changes in Equity and the statement of Cash Flow dealt with by thisReport are in agreement with the books of account.

(l) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act.

(m) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164 (2) of the Act.

(n) With respect to the adequacy of the internal financial controls with reference to

financial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in ‘'Annexure-B'';

(o) 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:

iv. the Company has disclosed the impact wherever necessary of pending litigations onits financial position in its financial statement.

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

vi. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For A P R A & ASSOCIATES LLP

Chartered Accountants

Firm Registration Number: 011078N/N500064

ASHOK GUPTA

DESIGNATED PARTNER Membership Number: 085683

Place: New Delhi Date: 30/05/2019

ANNEXURE-A TO THE INDEPENDENT AUDITORS' REPORT ON FINANCIAL STATEMENTS OF MIDAS INFRATRADE LIMITED FOR THE YEAR ENDED 31ST MARCH 2019

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

17. a) The Company has not maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

b) All the fixed assets have not been physically verified by the management during theyear and we are unable to comment on the discrepancies (if any).

c) Since the Company does not have any immovable property in its name the provisionsas per clause 3 (i) (c) of the Companies (Auditor's Report) Order 2016 are not applicableto the Company.

18. As explained to us inventories have been physically verified during the year bythe management. We are unable to comment on the discrepancies (if any) as the same werenot made available to us. Valuation of inventory has been taken as provided and certifiedby the management of the Company.

19. According to the information and explanations given to us the Company has notgranted any loans to the parties covered in the register maintained under Section 189 ofthe Companies Act 2013 hence the provisions of clause 3(iii) of the Order are notapplicable to the Company.

20. In our opinion and according to the information and explanations given to us theCompany has complied with provisions of Sections 185 and 186 of the Act in respect ofloans investments guarantees and securities.

21. According to the information and explanations given to us the Company has notaccepted any deposits covered by the provisions of Sections 73 to 76 or any other relevantprovisions of the Act and the rules framed there under.

22. Central Government has not prescribed for the Company the maintenance of costrecords under sub Section (1) of Section 148 of the Companies Act and hence theprovisions of clause 3(vi) of Companies (Auditor's Report) Order 2016 are not applicableto the Company.

23. a) According to the information and explanations given to us and on the basis ofexamination of the records of the Company the Company is generally regular in depositingwith appropriate authorities undisputed statutory dues including provident fundemployees' state insurance income tax value added tax central sales tax service taxgoods and services tax duty of customs duty of excise cess and other statutory duesapplicable to it.

According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were in arrears as at the balance sheet date fora period of more than six months from the date they became payable.

b) According to the records of the Company there are no dues outstanding of incometax sales tax (including value added tax and central sales tax) service tax goods andservices tax duty of customs or duty of excise on account of any dispute.

24. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loans or borrowings to banks. The Company doesnot have any loans or borrowings from financial institutions or government and has notissued any debentures during the year.

25. According to the information and explanations given to us the Company has notraised moneys by way of initial public offer or further public offer (including debtinstruments).

26. Based upon the audit procedures and according to the information and explanationsgiven by the management we report that no fraud by the Company or on the Company by itsofficers or employees has been noticed or reported during the course of our audit.

27. Based on the information provided the managerial remuneration has been paid orprovided in accordance with the requisite approvals mandated by the provision of Section197 read with schedule 5 to the Companies Act 2013.

28. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the paragraph 3(xii) of the Order is notapplicable.

29. 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 Companies Act 2013 where applicable and thedetails of such transactions have been disclosed in the Ind AS financial statements asrequired by the applicable accounting standards.

30. According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made private placement of sharesduring the period under review.

31. According to the information and explanation given to us the Company has notentered into any non-cash transactions with directors or persons connected with him.

32. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the paragraph 3(xvi) of the Order is not applicable.

For A P R A & ASSOCIATES LLP

Chartered Accountants

Firm Registration Number: 011078N/N500064

ASHOK GUPTA

DESIGNATED PARTNER Membership Number: 085683

Place: New Delhi Date: 30th May 2019

ANNEXURE-B TO THE INDEPENDENT AUDITORS' REPORT ON FINANCIAL STATEMENTS OF MIDAS INFRATRADE LIMITED FOR THE YEAR ENDED 31ST MARCH 2019

(Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 ("the Act') as referred to in paragraph 2(f) of‘Report on Other Legal and Regulatory Requirements' section.)

We have audited the internal financial controls with reference to financial statementsof MIDAS INFRA TRADE LIMITED ("the Company") as of 31st March 2019in conjunction with our audit of the Ind AS financial statements of the Company for theyear 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 with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India (ICAI).

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the

prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit conducted 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 deemed tobe prescribed under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols with reference to financial statements 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 with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements 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 systemwith reference to financial statements.

Meaning of Internal Financial Controls with reference to Financial Statements

A Company's internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Company's internal financial control withreference to financial statements includes those policies and 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 in accordancewith authorizations of the 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 amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to FinancialStatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

In our opinion the Company does not have internal financial controls with reference tofinancial statements which were operating effectively as at 31st March 2019based on the internal control with reference to financial statements criteria consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial controls with reference to financial statements issued by Institute ofChartered Accountants of India.

For A P R A & ASSOCIATES LLP

Chartered Accountants

Firm Registration Number: 011078N/N500064

ASHOK GUPTA

DESIGNATED PARTNER Membership Number: 085683

Place: New Delhi Date: 30th May 2019

MIDAS INFRA TRADE LIMITED

CEN L65910DL1994PLC062379

.