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Morgan Ventures Ltd.

BSE: 526237 Sector: Financials
NSE: N.A. ISIN Code: INE902C01015
BSE 00:00 | 14 Oct 14.00 0
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13.10

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14.00

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13.10

NSE 05:30 | 01 Jan Morgan Ventures Ltd
OPEN 13.10
PREVIOUS CLOSE 14.00
VOLUME 1173
52-Week high 18.00
52-Week low 5.19
P/E 11.86
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.10
CLOSE 14.00
VOLUME 1173
52-Week high 18.00
52-Week low 5.19
P/E 11.86
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Morgan Ventures Ltd. (MORGANVENTURES) - Auditors Report

Company auditors report

To

The Members of Morgan Ventures Limited

Report on the Audit of the Ind AS Financial Statements

Opinion

We have audited the accompanying Ind AS Financial Statements of M/sMorgan Ventures Limited ("the Company") which comprise the Balance Sheet as at31st March 2021 and the Statement of Profit and Loss (including OtherComprehensive Income) the Statement of Changes in Equity and statement of Cash Flows forthe year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information (herein after referredto as "the Financial Statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Financial Statements give the information requiredby the Companies Act 2013 as amended ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at 31st March 2021; andlosses and other comprehensive income changes in equity and its cash flows for the yearended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance withthe Standards on Auditing (SAs) specified under Section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the Financial Statements under the provisions of the Act and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

We have determined that there are no key audit matters to communicatein our report.

Information Other than the Financial Statements and Auditor'sReport Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises of the information included in the AnnualReport but does not include the financial statements and our auditor's reportthereon.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed on the other informationobtained prior to the date of this auditor's report we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Responsibility of Management for Financial Statements

The Company's Board of Directors is responsible for the matters inSection 134(5) of the Act with respect to the preparation of these financial statementsthat give a true and fair view of the financial position and financial performanceincluding other comprehensive income changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes the maintenance of adequate accounting records in accordance with the provisionof the Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of internal financial control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statement that give a true and fairview and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting 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 also responsible for overseeing theCompany's financial reporting process. Auditor's Responsibilities for the Auditof the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial 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. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. UnderSection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls with reference to thefinancial statements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding amongother matters 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 wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 of India in terms of Section143(11) of the Act we give in the "Annexure A" a statement on the mattersSpecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 purposes of ouraudit.

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 including othercomprehensive income Statement of Changes in Equity and the Statement of Cash Flows dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with theInd AS specified under Section 133 of the Act read with Companies (Indian AccountingStandards) Rules 2015 as amended.

e) On the basis of written representations received from the directorsas on March 31 2021 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2021 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" to the report.

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

i. The Company does not have any pending litigations which would impactits financial position;

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

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

For R. Tayal & Associates
Chartered Accountants
FRN:006969N
Sd/-
Rakesh Kumar Tayal
Partner
M. No. : 085816
Place: New Delhi
Date: 23rd June 2021
UDIN: 21085816AAAACW7382

Annexure - A to the Independent Auditor's Report

The Annexure referred to in our Independent Auditor's Report tothe members of the Company on the financial statements for the year ended March 312021we report that:

(i) (a) The company has maintaining proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) These fixed assets have been physically verified by the managementat reasonable intervals. No material discrepancies were noticed on such verification andthe same have been properly dealt with in the books of account. In our opinion thisperiodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets.

(c) As per the information and explanations given to us the title deedof the immovable property held by the company are in the name of the company.

(ii) The physical verification of inventory has been conducted atreasonable intervals by the management. No material discrepancies were noticed and theyhave been properly dealt with in the books of account.

(iii) According to the information and explanations given to us theCompany has not granted any loan secured or unsecured to companies firms LLPs or otherparties covered in the register maintained under Section 189 of the Companies Act 2013.Accordingly the clause (iii) (a) and (b) of paragraph 3 of the Order are not applicable tothe Company and hence not commented upon.

(iv) According to the information and explanations given to us theprovisions of section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security have been complied with.

(v) According to the information and explanations given to us theCompany has not accepted any deposit as per the directives issued by the Reserve Bank ofIndia and the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act 2013 and the rules framed there under. Accordingly the clause (v) ofparagraph 3 of the Order is not applicable to the Company.

(vi) The company is not required to maintain cost records as theactivities are not specified by the Central Government for the maintenance of cost recordsunder Sub Section (1) of Section 148 of the Companies Act 2013.

(vii) (a) According to the information and explanations given to us thecompany is generally regular except some instances in depositing undisputed statutorydues including Income- Tax Goods & Services Tax and other statutory dues asapplicable to the appropriate authorities. No undisputed statutory dues were outstandingat the year end for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us therewere no disputed amounts payable in respect of statutory dues as applicable as at March312021.

(viii) According to the information and explanations given to us thecompany has not defaulted in repayment of loans or borrowing to a financial institutionbank Government or dues to debenture holders.

(ix) We have verified the books & records of the company & itis observed that company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the period.

(x) To the best of our knowledge and belief and according to theinformation and explanations given to us no fraud on or by the Company by its officershas been noticed or reported during the course of our audit.

(xi) According to the information and explanations give to us and basedon our According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company. Accordingly clause (xii) of paragraph 3of the Order is not applicable.

(xiii) According to the information and explanations given to us alltransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and details of such transactions have been disclosedin financial statements as required by applicable standards.

(xiv) According to the information and explanations given to us thecompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review.

(xv) According to the information and explanations given to us andbased on our audit of the records of the Company the company has not entered into any noncash transactions with directors or persons connected with him. Accordingly clause (xv)of paragraph 3 of the Order is not applicable to the Company.

(xvi) The Company is required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934 and such registration has been obtained by the company.

For R. Tayal & Associates
Chartered Accountants
FRN : 006969N
Sd /-
Rakesh Kumar Tayal
Partner
M. No. : 085816
Place: New Delhi
Date: 23rd June 2021
UDIN: 21085816AAAACW7382

Annexure - B to the independent Auditors' Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of Morgan VenturesLimited of even date)

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

We have audited the internal financial controls over financialreporting of M/s Morgan Ventures Limited ("the Company") as of March 31 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 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 andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable 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 FinancialReporting (the "Guidance Note") issued by ICAI and the Standards on Auditingprescribed 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 internalfinancial controls 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

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

(2) 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 authorisations of management and directors of thecompany; and

(3) Provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's assets thatcould have a material effect on the 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 March 31 2021 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 R. Tayal & Associates
Chartered Accountants
FRN : 006969N
Sd/-
Rakesh Kumar Tayal
Partner
M. No.:085816
Place: New Delhi
Date: 23rd June 2021
UDIN: 21085816AAAACW7382

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