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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
NSE 00:00 | 30 Jul 27.00 -0.40
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Mohini Health & Hygiene Ltd. (MHHL) - Auditors Report

Company auditors report

To

The Members of

Mohini Health & Hygiene Limited Pithampur.

Report on the Standalone Financial Statements

We have audited the accompanying Standalone financial statements of MOHINIHEALTH & HYGIENE LIMITED ("the Company") which comprises the BalanceSheet as at March 312020 the Statement of Profit and Loss Cash Flow Statement for theyear then ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these Standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these Standalonefinancial statements based 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 Auditingspecified under Section 143(10) of the Act. 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 aboutthe amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the Company's Directorsas well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Standalone financialstatements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 312020 and its Profit and its Cash Flow for the yearended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016("the Order") as amended issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the "Annexure A" astatement on the matters specified in paragraphs 3 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 explanationswhich to the best of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books;

c. The Balance Sheet the Statement of Profit and Loss and the CashFlow Statement dealt with

by this Report are in agreement with the books of account;

d. In our opinion the aforesaid Standalone financial statements complywith the Accounting Standards specified under section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014;

e. On the basis of written representations received from the directorsas on March 31 2020 taken on record by the Board of Directors none of the directors isdisqualified as on March 312020 from being appointed as a director in terms of Section164 (2) of the Act;

f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in"Annexure B"; and

g. With respect to the other matters to be included in the Auditors'Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. The Company does not have any pending litigations which would impactits financial position except as provided in point No. 3 of Notes to Accounts.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

As required by the Companies (Auditor's Report) Order 2016 andaccording to the information and explanations given to us during the course of audit andon the basis of such 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 & 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 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 compared to the books records on such physical verification.
(iii) Whether the company has granted any loans secured or unsecured to companies firms or other parties covered by clause (76) of Section 2 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 overdue amount is more than rupees five lakhs 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 thereunder 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 thereunder have been complied with.
(vi) Whether maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act 2013 and whether such accounts and records have been so made and maintained; According to the information & explanation given to us cost records has been maintained by the company as prescribed under sub section (1) of section 148 of the Companies Act 2013.
(vii) (a) whether the company is regular in depositing undisputed statutory dues including provident fund employees' state insurance income-tax sales-Lax service tax duty of customs duty of excise value added tax and any other statutory dues with the appropriate authorities and 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 they became payable shall be indicated by the Auditor. 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 a period of more than six months from the date they became payable.
(b) Where dues of income tax or sales tax or service tax or duty of customs or duty of excise or value added 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 below

 

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)4II
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 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 public issue/ follow-on offer (including debt instruments) and 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 during the year company has not raised money through IPO and term loan.
(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 & the amount involved be indicated. According to the information and explanations given to us no fraud has been noticed or reported during the quarter 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 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 V 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 Section 188 and 177. Also the details of the related party transactions have been disclosed in the Financial Statements as required by the accounting standards and the Companies 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 thereof. According to the information and explanations given to us the company has not issued shares through private placement 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

 

For Nishi Agrawal & Co. Chartered Accountants Firm Reg. No. 014983C
Sd/-
Nishi Agrawal
Place: Indore Proprietor
Date: 29th June 2020 M. No. 407940

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

ANNEXURE-B TO THE AUDITORS' REPORT

We have audited the internal financial controls over financialreporting of MOHINI HEALTH AND HYGIENE LIMITED ("the Company") as of 31stMarch 2020 in conjunction with our audit of the standalone financial statements of theCompany for the period ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of 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 theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with 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 to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting 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 overfinancial reporting includes those policies and procedures that

(I) Pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(ii) Provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and

(iii) Provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the condensed financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting 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 overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31stMarch 2019 basedon 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 Nishi Agrawal & Co. Chartered Accountants Firm Reg. No. 014983C
Sd/-
Nishi Agrawal
Place: Indore Proprietor
Date: 29th June 2020 M. No. 407940