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Monnet Project Developers Ltd.

BSE: 532723 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE493H01014
BSE 00:00 | 11 Feb 6.32 0
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6.32

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6.32

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6.32

NSE 05:30 | 01 Jan Monnet Project Developers Ltd
OPEN 6.32
PREVIOUS CLOSE 6.32
VOLUME 10
52-Week high 15.00
52-Week low 5.50
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.32
Sell Qty 5000.00
OPEN 6.32
CLOSE 6.32
VOLUME 10
52-Week high 15.00
52-Week low 5.50
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.32
Sell Qty 5000.00

Monnet Project Developers Ltd. (MONNETPROJECT) - Auditors Report

Company auditors report

TOTHE MEMBERSOF

MONNET PROJECT DEVELOPERS LIMITED

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of MONNETPROJECT DEVELOPERS LIMITED ("the Company") which comprise the Balance Sheet asat 31st March 2018 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone Ind AS 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 preparation ofthese standalone Ind AS financial statements that give a true and fair view of the stateof affairs Profit cash flows and changes in equity of the Company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based onouraudit.

We have taken into account the provisions of the Act

the accounting and auditing standards and matters which are required to be included inthe audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate incircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs of the Company as at 31stMarch 2018 and its Profit its cash flows andthe changes in equity for theyearended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the 'Companies (Auditor's Report) Order 2016' issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (hereinafterreferred to as the "Order") we give in the

Annexure 'I' a statement 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 explanations which to the bestof our knowledge and belief were necessary forthe 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 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 Ind AS financial statements comply withthe Indian Accounting Standards prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.

(e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none ofthe directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (2) of the Act.

(f) We are enclosing herewith a report in Annexure II for our opinion on adequacy ofinternal financial controls system in place in the company and the operating effectivenessof such controls.

(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 impact of pending litigations on its financial position inits financial statements. (Refer Note-31)

ii. The Company did not have any longterm contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There was no amount which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For APAS &CO.
CHARTERED ACCOUNTANTS
Firm Regn. No.000340C
(RAJEEV RANJAN)
PLACE : NEW DELHI PARTNER
DATED : 28.05.2018 M.No.535395

ANNEXURE- ITOTHE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of ourreport of even date)

i) In respect of its fixed assets:

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

b) As explained to us fixed assets have been physically verified by the management ina phased periodical manner which in our opinion is reasonable having regard to the sizeof the Company and nature of its assets. As in informed to us no material discrepancieswere noticed on such physical verification.

c) Title deeds In respect of all immovable properties are held in the name of thecompany.

ii) As explained to us physical verification has been conducted by the management atreasonable intervals in respect of inventories of project work in progress. We wereexplained that no material discrepancies have been noticed on physical verification.

iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to Companies firms or other Parties covered inthe register maintained under section 189 of the Companies Act 1956. Accordingly clause 3(iii) of the order is notapplicable.

iv) According to the information and explanations given to us the company has compliedwith the provisions of Section 185 and 186 wherever applicable in respect of loansinvestments and guarantees given by the company. We are informed that the company has notprovided any security during the year.

v) According to the information and explanations given to us the company has notaccepted any deposits in terms of the directives issued by the Reserve Bank of India andthe provisions of sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the rules framed there under.

vi) In respect of business activities of the company maintenance of cost records hasnot been specified by the Central Government under subsection (I) of section 148 read withrules framed thereunderofthe Companies Act 2013.

vii) a) As per information and explanations given to us the company is generallyregular in 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. As informedto us there are no outstanding statutory dues in arrears as at the last day of thefinancial year concerned for a period of more than six months from the date they becamepayable.

b) We have been informed that following disputed demands in respect of Income Tax havenot been deposited on account of pending appeals as perdetails given below. There are noother disputed statutory dues pending for deposit.

S. No Nature of Demand Assessment Year Unpaid Amoun Rs. in lacs Forum where appeal is pending
1 Income Tax 2006-07 to 2013-14 2403.17 CIT(APPEALS)/AO (For Rectification)

viii. Since there are no loans or borrowings from the financial institution banks andGovernment and the company has not issued any debentures clause 3(viii) of the Orderrelated to default in repayment is not applicable during the year.

ix) The company has not raised any money during the year byway initial or furtherpublic offeror by way of term loans. Therefore clause 3(ix) of the Orderis notapplicable.

x) Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud by the Company or on the company by its officersor employees has been noticed or reported during the course of our audit for the yearended 31.03.2018.

xi) According to information and explanations given to us the managerial remunerationpaid and provided by the company during the year is in accordance with the requisiteapprovals mandated by the provisions ofsection 197 read with Schedule V of the CompaniesAct 2013.

xii) The provisions of clause 3 (xii) of the Order are not applicable as the company isnot a Nidhi Company as specified in the clause.

xiii) According to information and explanations given to us we are of the opinion thatall related party transactions are in compliance with the Section 177 and 188 of CompaniesAct 2013. Necessary disclosures have been made in the financial statements as required bythe applicable accounting Standards.

xiv) According to information and explanations given to us the company has not made anypreferential allotment or private placement of shares or debentures during the year.

xv) According to information and explanations given to us the Company has not enteredinto any noncash transaction with the director or any person connected with him during theyear.

xvi) According to information and explanations read with Note No 34 in the Notes onAccounts the company is a core investment company and is not required to be registeredunder section 45IA of Reserve Bank of India Act 1934.

For APAS &CO.
CHARTERED ACCOUNTANTS
Firm Regn. No.000340C
(RAJEEV RANJAN)
PLACE : NEW DELHI PARTNER
DATED : 28.05.2018 M.No.535395

ANNEXURE- IITOTHE INDEPENDENTAUDITOR'S

REPORT

(Referred to in paragraph 2(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

We have audited the internal financial controls over financial reporting of MONNETPROJECT DEVELOPERS LIMITED ("the Company") as of 31st March 2018 in conjunctionwith our audit of the standalone financial statements of the Company for the yearended onthat 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating 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 Companies 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 whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Ourauditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. 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. We believe thatthe audit evidence l/we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised 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 31st March 2018 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 ofChartered Accountants of India.

For APAS &CO.
CHARTERED ACCOUNTANTS
Firm Regn. No.000340C
(RAJEEV RANJAN)
PLACE : NEW DELHI PARTNER
DATED : 28.05.2018 M.No.535395