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Milgrey Finance & Investments Ltd.

BSE: 511018 Sector: Financials
NSE: N.A. ISIN Code: INE679T01013
BSE 11:39 | 27 Sep 14.70 -0.75
(-4.85%)
OPEN

16.20

HIGH

16.20

LOW

14.70

NSE 05:30 | 01 Jan Milgrey Finance & Investments Ltd
OPEN 16.20
PREVIOUS CLOSE 15.45
VOLUME 11850
52-Week high 23.00
52-Week low 14.70
P/E 245.00
Mkt Cap.(Rs cr) 3
Buy Price 14.70
Buy Qty 100.00
Sell Price 15.45
Sell Qty 100.00
OPEN 16.20
CLOSE 15.45
VOLUME 11850
52-Week high 23.00
52-Week low 14.70
P/E 245.00
Mkt Cap.(Rs cr) 3
Buy Price 14.70
Buy Qty 100.00
Sell Price 15.45
Sell Qty 100.00

Milgrey Finance & Investments Ltd. (MILGREYFININV) - Auditors Report

Company auditors report

To

THE MEMBERS OF

MILGREY FINANCE AND INVESTMENTS LIMITED.

Report On the Standalone Ind AS Financial Statements

1. We Have Audited The Accompanying Standalone Ind AS Financial Statements Of MILGREYFINANCE AND INVESTMENTS LIMITED. ("The Company") Which Comprise The BalanceSheet As At 31st March 2020 The Statement Of Profit And Loss (Including OtherComprehensive Income) The Statement Of Cash Flow And Statement Of Changes In Equity ForThe Year Then Ended And A Summary Of Significant Accounting Policies And OtherExplanatory Information.

Management's Responsibility for the Standalone Financial Statements

2. 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 (including Other Comprehensive Income) 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 read with Rule 7 of the Companies (Accounts) Rules 2015 as amended. 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 financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these (standalone) financialstatements based on our audit.

4. 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.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the 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.

7. 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

8. 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 31stMarch 2020 and its profit/loss total Comprehensive Income thechanges in equity and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order 2016 (the Order) issued bythe Central Government in

terms of Section 143(11) of the Act we enclose in the "Annexure A" astatement on matters specified in

paragraph 3 & 4 of the said order.

10. 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 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 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 from being appointed as a director in termsof 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:

h)

A) The Company has disclosed pending litigations in its Company Auditors Report.However there is a possible obligation or a present obligation that the likelihood ofoutflow of resources is remote no provision or disclosure has been made As per AS-29.

B) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

C) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended 31/03/2020.

For A. K. Kocchar & Associates
Chartered Accountants
Firm registration no. 120410W
Sd/-
CA Abhilash Darda
(Partner)
Membership number: 423896 Place: Mumbai
UDIN: 20423896AAAACH9499 Date: 14th July 2020

"Annexure - A" to the Independent Auditors' Report

In terms of the information and explanations sought by us and given by the company andthe books and records examined by us in the normal course of audit and to the best of ourknowledge and belief we state that:

1. (a) the company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us all the assets have not been physically verified by themanagement during the year but there is a regular programme of verification which in ouropinion is reasonable having regard to the size of the company and the nature of itsassets. No material discrepancies were noticed on such verification.

(c) The company does not have any immoveable property.

2. (i) As explained to us the inventory has been physically verified at reasonableintervals during the year by the management. In our opinion the frequency of verificationis reasonable.

(ii) There is no discrepancy found on verification between the physical stocks and thebook records.

3. As explained to us the company had not granted any loans secured or unsecured toany companies firms Limited Liability Partnerships or other parties covered in theregister maintained under section 189 of the Act.

Or

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013In respect of loans investments guarantees and security.

5. The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6. It has been explained to us that the maintenance of cost records has not beenprescribed under section 148(1) of the Act.

7. (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Sales tax Service Tax Duty of Customs Duty of Excise Valueadded Tax Cess and any other statutory dues with the appropriate authorities. Accordingto the information and explanations given to us no undisputed amounts payable in respectof the above were in arrears as at March 31 2020 for a period of more than six monthsfrom the date on when they become payable.

(b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute.

8. Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion company had not borrowed from financial institution orbank or issued debentures during the year under audit and there were no loan outstandingat the beginning of the year. Therefore this clause of the CARO is not applicable tocompany.

9. The company has not raised moneys by way of initial public offer or further publicoffer (including debt instrument) and term loans

10. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud by the company or any fraud on the company by itsofficers or employees has been noticed or reported during the course of our audit thatcauses the financial statements to be materially misstated.

11. Company has not paid Managerial remuneration to its Key Managerial person pursuantof provision of Companies Act 2013.

12. The company is not a Nidhi Company hence this clause is not applicable.

13. Based upon the audit procedures performed and according to the information andexplanations given to us All transactions with related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial statements etc. as required by the applicable accountingstandards.

14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.

15. The company has not entered into any non-cash transactions with directors orpersons connected with him.

16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For A. K. Kocchar & Associates
Chartered Accountants
Firm registration no. 120410W
Sd/-
CA Abhilash Darda
(Partner)
Membership number: 423896 Place: Mumbai
UDIN: 20423896AAAACH9499 Date: 14th July 2020

"Annexure - B" to the Auditors' Report

Referred to in paragraph 10(f) of the Independent's Auditor's Report of even date tothe members of Milgrey

Finance & Investments Limited on the standalone financial statements for the yearended 31st March 2020.

Report on the Internal Financial Controls under Clause (i) of sub - section 143 of theAct

1. We have audited the internal financial controls over financial reporting of EmpowerIndia Limited ("the Company") as of 31st March 2020 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaining internalfinancial controls based on internal control over financial reporting criteria establishedby the 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 (ICAI). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating 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 Act.

Auditor's Responsibility

3. 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 deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those standards and 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 materials respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial controls overfinancial reporting includes those policies an 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 accordance with authorizationsof 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 over Financial Reporting

7. 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 control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

8. 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 March2020based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India.

For A. K. Kocchar & Associates
Chartered Accountants
Firm registration no. 120410W
Sd/-
CA Abhilash Darda
(Partner)
Membership number: 423896 Place: Mumbai
UDIN: 20423896AAAACH9499 Date: 14th July 2020

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