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Mukesh Babu Financial Services Ltd.

BSE: 530341 Sector: Financials
NSE: N.A. ISIN Code: INE596B01017
BSE 00:00 | 17 Sep 137.95 -0.90
(-0.65%)
OPEN

137.95

HIGH

137.95

LOW

137.95

NSE 05:30 | 01 Jan Mukesh Babu Financial Services Ltd
OPEN 137.95
PREVIOUS CLOSE 138.85
VOLUME 7
52-Week high 186.65
52-Week low 86.35
P/E 20.56
Mkt Cap.(Rs cr) 96
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 137.95
CLOSE 138.85
VOLUME 7
52-Week high 186.65
52-Week low 86.35
P/E 20.56
Mkt Cap.(Rs cr) 96
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Mukesh Babu Financial Services Ltd. (MUKESHBABUFIN) - Auditors Report

Company auditors report

TO THE MEMBERS OF

MUKESH BABU FINANCIAL SERVICES LIMITED REPORT ONTHE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of MUKESHBABU FINANCIAL SERVICES LIMITED (“the company”) having CIN:L65920MH1985PLC035504 which comprise the Balance Sheet as at 31 March 2020 the Statementof Profit and Loss the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THESTANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors are responsible for the mattersin 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 and other accounting principles generally accepted in India. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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.

AUDITOR'S 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 the Rules made thereunder and the Order issued undersection 143(11) of the Act.

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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the standalone financial statements. 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. Inmaking those risk assessments the auditor considers internal financial control relevantto the Company's preparation of the financial statements that give true and fair viewin order to design audit procedures that are appropriate in the circumstances. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the standalone 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;

a) in the case of the Balance Sheet of the state of affairs of theCompany as at March 31 2020;

b) in the case of the Statement of Profit and Loss of the profit forthe year ended on that date; and

c) in the case of the Cash Flow Statement of the cash flows for theyear ended on that date.

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 sub-section(11) of section 143 of the Act we give in the “Annexure A” a statementon the matters specified in the paragraph 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 purposes of ouraudit.

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

c) The Balance Sheet the Statement of Profit and Loss and Cash FlowStatement 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 31 March 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2020 from being appointed as a director in terms of Section164(2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate report in “Annexure B"; and

(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 has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements.

ii. the Company has made provision as required by applicable law oraccounting standards for material foreseeable losses if any on long-term contractsincluding derivative contracts;

iii. M/s Mukesh Babu Financial Services Limited has transferred therequired amount of Rs. 186590/- to the Investor Education and Protection Fund on 31stOctober 2020.

UDIN 20035809AAAAAW7822

For Chaitanya C. Dalal & Co.

Chartered Accountants

Firm Reg. No. 101632W

Chaitanya C. Dalal

Partner

Membership No: 35809

Place: Mumbai

Date: 30th June 2020

Annexure A to the Independent Auditors'Report Re: Mukesh Babu Financial Services Limited

The Annexure referred to in our Independent Auditors' Report withreference to the Companies (Auditor's Report) Order 2016 (“the Order”) tothe members of the Company on the Standalone Financial Statement for the year ended 31stMarch 2020 we report that:

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

(b) According to the information and explanations given to us fixedassets of the company have been physically verified by the management at the reasonableintervals and no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us thecompany has proper titles in case of the immoveable property it owns and is found to be inorder.

(ii) In our opinion and according to information and explanations givento us physical verification of inventory has been done by the management at the regularintervals. No material discrepancies were observed during such verification.

(iii) In our opinion and according to information and explanationsgiven to us the Company has granted unsecured loan to its subsidiary company covered inthe register maintained under section 189 of the Act. The terms and conditions are notprejudicial to the interest of the company. Repayment schedule is not stipulated andtherefore sub-clause dealing with overdue amount for more than 90 days is not applicable.

(iv) The Company has not granted any loans or provided any guaranteesor security to the parties covered under Section 185 of the Companies Act 2013. TheCompany has complied with the provisions of Section 186 of the Act in respect ofinvestments made or loans given or guarantee or security provided to the parties coveredunder Section 186.

(v) The company has not accepted any deposits during the year ended31st March 2020.

(vi) The Central Government has not prescribed the maintenance of costrecords u/s 148(1) of the Act.

(vii) (a) According to the information and explanations given to us andon the basis of examination of the records of the company amount deducted and accrued inthe books of accounts in respect of undisputed statutory dues including of Provident FundEmployees' State Insurance Income-tax Sales-tax Service Tax Custom Duty ExciseDuty Value Added Tax Cess and any other statutory dues with the appropriate authoritieshave regularly deposited during the year by the company. Further as per the explanationsgiven to us the company does not have any dues on account of Provident FundEmployees' State Insurance Income-tax Sales-tax Service Tax Custom Duty ExciseDuty and Cess.

Further according to the information and explanations given to us noundisputed amount payable in respect of Provident Fund Employees' State InsuranceIncome-tax Sales-tax Service Tax Custom Duty Excise Duty Cess and any otherstatutory dues were in arrears as on 31st March 2020 for a period of more than6 months from the date of become payable.

(viii) On the basis of the books and records produced before us and asper the information and explanations to us the Company has not defaulted in repayment ofany dues to any financial institution bank or debenture holders.

(ix) During the year ended 31st March 2020 the company hasnot raised any money either through public deposit or through term loan therefore para3(ix) of the order is not applicable.

(x) According to the information and explanations given to us and onthe basis of the audit conducted by us no fraud on or by the company has been noticed orreported during the year.

(xi) On the basis of the information and explanations given to us thecompany has paid Managerial Remuneration during the year ended which has been inaccordance of the provisions of Section 197 read with Schedule V to the Companies Act.

(xii) The company is not a Nidhi Company hence para 3(xii) of the orderis not applicable.

(xiii) Based on our audit procedures and according to the informationand explanations given to us the transactions with the related parties are incompliance with section 177 and 188 of the Companies Act 2013 wherever applicable anddetails have been disclosed in the Financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanation given to us thecompany has neither made any preferential allotment nor any private placement of shares orfully or partly convertible debentures during the year ended 31st March 2020.

(xv) During the year ended 31st March 2020 the company hasnot entered into any non-cash transactions with the directors or persons connected withhim.

(xvi) The company has carried out activities in nature of activitiescarried out by non- banking financial companies and is required to obtain registered undersection 45-IA of the Reserve Bank of India Act 1934 and the same has been obtained.

For Chaitanya C. Dalal & Co.

Chartered Accountants

Firm Registration No.: 101632W

Chaitanya C. Dalal

Partner

Membership No.: 035809

Place: Mumbai

Date: 30th June 2020

Annexure B to the Independent Auditors'Report Re: Mukesh Babu Financial Services Limited

The Annexure referred to in our Independent Auditors' Report withreference to the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (“the Act”) to the members of the Company on theStandalone Financial Statement for the year ended 31st March 2020.

We have audited the internal financial controls over financialreporting of Mukesh Babu Financial Services Limited (“the Company”) as ofMarch 31 2020 in conjunction with our audit of the standalone financial statements of theCompany for the year ended on that date:

Management's Responsibility for InternalFinancial 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 Controlsissued by the Institute of Chartered Accountants of India.

These responsibilities includes design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company'spolicies the safeguarding of its assets the prevention and detection of frauds anderrors 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”) and the Standards on Auditing issued by TheInstitute of Chartered Accountants of India and deemed to be prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and theguidelines issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 depends on the auditor's judgment including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

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 OverFinancial 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

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

(b) 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;

(c) 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 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 on 31st March2020 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls issued by the Institute of CharteredAccountants of India.

For Chaitanya C Dalal & Co.

Chartered Accountants

Firm Registration No.: 101632W

Chaitanya C. Dalal

Partner

Membership No.: 035809

Place: Mumbai

Date: 30th June 2020

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