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Mohini Health & Hygiene Ltd.

BSE: 532585 Sector: Industrials
NSE: MHHL ISIN Code: INE450S01011
BSE 05:30 | 01 Jan Mohini Health & Hygiene Ltd
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Mohini Health & Hygiene Ltd. (MHHL) - Auditors Report

Company auditors report

ON STANDALONE FINANCIAL STATEMENTS

To

The Members of

MOHINI HEALTH AND HYGIENE LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Mohini Health andHygiene Limited (“the Company”) which comprise the Balance Sheet as at March31 2021 the Statement of Profit and Loss and the Statement of Cash Flows for the yearended on that date and notes to the financial statements including a summary of thesignificant accounting policies and other explanatory information (hereinafter referred toas “the standalone financial statements”).

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 Companies Act 2013 (“the Act”) in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2021 and profit and its cash flowsfor the year ended on that date.

Basis For Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the standalone financial statements underthe provisions of that there is a material misstatement of this other information; we arerequired to report that fact. We have nothing to report in this regard.

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 Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the accounting standard specified under section 133 of the act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error. In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the standards on Auditing issued byinstitute of Chartered Accountants of India. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The Procedures selected depend on the auditor'sjudgment including the assessment of the risk of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by managements aswell as evaluating 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.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone 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 standalone 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 controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(I) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation We communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

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. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the standalone financial statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor's report unlesslaw or regulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

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 in terms of section 143(11) of the Act we give in“Annexure A” a statement of the matters specified in paragraph 3 and 4 of theorder to the extent applicable. 2. As required by Section 143(3) of the Act based on ouraudit we report that: a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit. 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 Sheetthe Statement of Profit and the Statement of Cash Flow dealt with by this Report are inagreement with the relevant books of account. d) In our opinion the aforesaid standalonefinancial statements comply with the Accounting standard specified under Section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014. e) On the basis of thewritten representations received from the directors as on March 31 2021 taken on recordby the Board of Directors none of the directors is disqualified as on March 31 2021 frombeing appointed as a director in terms of Section 164 (2) of the Act. f) With respect tothe adequacy of the internal financial controls over financial reporting of the Companyand the operating effectiveness of such controls refer to our separate Report in“Annexure B”. Our report expresses an unmodified opinion on the adequacy andoperating effectiveness of the Company's internal financial controls over financialreporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act. h) With respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 as amended in our opinion and to the best of our information andaccording to the explanations given to us: (i) The Company does not have any pendinglitigations which would impact its financial position.

(ii) The Company did not have any long term contract including derivative contracts forwhich there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

As required by the Companies (Auditor's Report) Order 2016 and according to theinformation and explanations given to us during the course of audit and on the basis ofsuch checks as were considered appropriate we report that:

ANNEXURE "A"

TO THE AUDITORS REPORT

Sr.No. Particulars Auditors Remark
(I) (a) Whether the Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) Whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account; According to the information and explanations given to us the fixed assets have been physically verified by the management during the interim period at reasonable intervals.
As explained to us no material discrepancies were noticed as compared to the books records on such physical verification.
(c) Whether title deeds of immovable properties are held in the name of the Company. If not provide details thereof. According to the information and explanations given to us all the immovable properties are held in the name of the company.
(ii) Whether physical verification of inventory has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so how they have been dealt with in the books of account; As explained to us inventory of the company has been physically verified during the interim period by the management at regular intervals. No material discrepancies were noticed as comparedto the book records on such physical verification.
(iii) Whether the company has granted any loans secured or unsecured to companies firms or other parties covered in the register maintained u/s 189 of the Companies Act 2013. If so As per the information and explanations given to us the company has not granted any loans secured or unsecured to companies firms or other parties covered by clause (76) of Section 2 of the Companies Act 2013.
(a)Whether the terms and conditions of the grant of such loans are not prejudicial to the company's interest; Not Applicable
(b) Whether receipt of the principal amount and interest are regular. If not provide details thereof; and Not Applicable
(c) If amount is Overdue state the total amount overdue for more than 90 days whether reasonable steps have been taken by the company for recovery of the principal and interest; Not Applicable
(iv) In respect of loans investments and guarantees whether provisions of Section 185 and 186 of the Companies Act 2013 have been complied with. If not provide details thereof. As per the information and explanations given to us the company has complied with the provisions of Sec-185 & Sec-186 of the Companies Act 2013.
(v) In case the company has accepted deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act 2013 and the rules framed there under where applicable have been complied with? If not the nature of such contraventions be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not? According to the information and explanations given to us the company has not accepted deposits from the public and the other security deposits accepted are not considered as deposits as per section 73 to 76. Accordingly the provisions of Section 73 to 76 of the Companies Act 2013 and rules framed there under have been complied with.
(vi) Whether maintenance of cost records has been specified by the Central Government under subsection (1) of section 148 of the Companies Act 201 and whether such accounts and records have been so made and maintained; In our opinion and according to the information and explanations given to us maintenance of cost records has not been prescribed by the central government under section 148(1) of the companies act 2013 for any products of the company.
(vii) (a) whether the company is regular in depositing undisputed statutory dues including provident fund employees' state insurance income-tax duty of customs goods and service tax and any other statutory dues with the appropriate authorities & if not the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date According to the information and explanations given to us and according to the records the company has generally been regular in depositing undisputed statutory dues with appropriate authorities during the year. According to the information and explanations given to us no undisputed amounts payable in respect of the aforesaid dues were outstanding for they became payable shall be indicated by the Auditor. a period of more than six months from the date they became payable as mentioned in below table.
(b) Where dues of income tax or duty of customs or goods and service tax have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not be treated as a Dispute). According to the information and explanations given to us and the statutory examination of the records there are no disputed dues which have not been deposited on account of disputed matters pending before the appellate authorities except as mentioned in below table

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

ANNEXURE-B TO THE AUDITORS' REPORT

We have audited the internal financial controls over financial reporting of MOHINIHEALTH AND HYGIENE LIMITED (“the Company”) as of 31 March 2021 inconjunction with our audit of the financial statements of the Company for the year endedon 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'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

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. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial 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 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 amaterial 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 2021 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.

Name of Statute Nature of Dues Amount Disputed (in Lacs) Period to which dues relate Authority where dispute is pending for decision
The Income Tax Act 1961 Income Tax 1589050.00 AY 2010-11 CIT(Appeals)-III
The Income Tax Act 1961 Income Tax 670370.00 AY 2011-12 CIT(Appeals)-III
The Income Tax Act 1961 Income Tax 4250600.00 AY 2012-13 CIT(Appeals)-III
The Income Tax Act 1961 Income Tax 2947910.00 AY 2013-14 CIT(Appeals)-III
The Income Tax Act 1961 Income Tax 21043650.00 AY 2014-15 CIT(Appeals)-III
The Income Tax Act 1961 Income Tax 25850.00 AY 2015-16 CIT(Appeals)-III
The Income Tax Act 1961 Income Tax 19716740.00 AY 2016-17 CIT(Appeals)-III
(viii) Whether the company has defaulted in repayment of dues to a financial institution or bank government or debenture holders? If yes the period and amount of default to be reported (in case of banks and financial institutions lender wise details to be provided). In our opinion and according to the information and explanation given to us the company has not defaulted in repayment of dues to the bank or financial institutions during the reported period.
(ix) Whether moneys raised by way of Initial public offer or further public offer (including debt instruments) & term loans were applied for the purposes for which those are raised. If not the details together with delays / default and subsequent rectification if any as may be applicable be reported; According to the information and explanations given to us the company has not raised money by way of initial public offer or further public offer (including debt instruments) during the year under review. Further company has not taken any term loan during the year.
(x) Whether any fraud by the company or any fraud on the company by its officers/ employees has been noticed or reported during the year; if yes the nature and the amount involved are indicated. According to the information and explanations given to us no fraud has been noticed or reported during the year by the company or on the company.
(xi) Whether managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with V schedule V to the Companies Act? If not state the amount involved and steps taken by the company for securing refund of the same. According to information given to us managerial remuneration has been paid in accordance with the provisions of section 197 read with schedule of the Companies Act 2013.
(xii) Whether the Nidhi Company has complied with the net Owned Fund in the ratio of 1: 20 to meet out the liability and whether the Nidhi Company is maintaining 10% liquid assets to meet out the unencumbered liability. Not Applicable
(xiii) Whether all transactions with the related parties are in compliance with Section 188 and 177 of Companies Act 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the accounting standards and Companies Act 2013. According to the information given to us all transactions with the related parties are in compliance with Section188 and 177 of Companies Act 2013. . Also the details of the related party transactions have been disclosed in the Financial Statements as required by the accounting standards 18 and theCompanies Act 2013.
(xiv) Whether the company has made any preferential allotment / private placement of shares or fully or partly convertible debentures during the year under review and if so as to whether the requirement of Section 42 of the Companies Act 2013 have been complied and the amount raised have been used for the purposes for which the funds were raised. If not provide details there of. According to the information and explanations given to us the company has not made any private placement in pursuant to section 42 of the Companies Act 2013 during the year.
(xv) Whether the company has entered into any non-cash transactions with directors or persons connected with him and if so whether provisions of Section 192 of Companies Act 2013 have been complied with. According to the information and explanations given to us and according to the records the company has not entered into any non-cash transactions with directors or persons connected with him.
(xvi) Whether the company is required to be registered under section 45-IA of the Reserve Bank of India Act 1934 and if so whether the registration has been obtained. Not Applicable

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