Multiplus Holdings Ltd.
|BSE: 505594||Sector: Financials|
|NSE: N.A.||ISIN Code: INE886E01016|
|BSE 00:00 | 20 Jan||Multiplus Holdings Ltd|
|NSE 05:30 | 01 Jan||Multiplus Holdings Ltd|
|BSE: 505594||Sector: Financials|
|NSE: N.A.||ISIN Code: INE886E01016|
|BSE 00:00 | 20 Jan||Multiplus Holdings Ltd|
|NSE 05:30 | 01 Jan||Multiplus Holdings Ltd|
The Members of
M/s Multiplus Holdings Limited Mumbai
We have audited the accompanying standalone financial statements of Multiplus HoldingsLimited ("the Company") which comprise the Balance Sheet as at 31st March2022 and the Statement of Profit and Loss (including other comprehensive income) theStatement of Changes in Equity and the Cash Flow Statement for the year ended on thatdate and notes to the standalone financial statements including a summary of significantaccounting policies and other explanatory information for the year then ended.
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 Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended ("Ind AS") and other accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2022 the profit total comprehensive income changes in equity and its cash flowsfor the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) as specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theStandalone Financial Statements' section of our report. We are independent of the Companyin accordance with the Code of Ethics' issued by The Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the Standalone financial statements under the provisions of the Companies Act 2013 andthe Rules there under and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone financial statements of the current period.These matters were addressed in the context of our audit of the Standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Company's Annual report but doesnot include the Standalone Financial Statements and our auditor's report thereon. TheCompany's annual report is expected to be made available to us after the date of thisauditor's report.
Our opinion on the Standalone Financial Statements does not cover the other informationand we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements our responsibilityis to read the other information and in doing so consider whether such other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.
If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.
Management's Responsibility for the Standalone Financial Statements
The Company's Management and Board of Directors are 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 thestate of affairs profit/loss and other comprehensive income changes in Equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards specified under section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing 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 StandaloneFinancial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
In preparing the Standalone Financial Statements the Management and the Board ofDirectors are responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless the Board of Directors either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company's financial reportingprocess.
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 scepticism 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 control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.
? Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by Management and the Board ofDirectors.
? Conclude on the appropriateness of the Management's and the Board of Directors use ofthe going 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's report tothe 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 conditions maycause the Company to cease to continue 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 other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
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 with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone Financial Statementsfor the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Companies Act 2013 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 explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit: (b) In ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books: (c) The Balance Sheet the Statement ofProfit and Loss(including other comprehensive income) the Cash Flow Statement andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof accounts: (d) In our opinion the aforesaid Standalone Financial Statements comply withthe Accounting Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2022 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 over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".
(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.
3. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us.
a. The Company does not have any pending litigations which would impact its financialstatements.
b. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
c. An amount of Rs. 124136/- being unclaimed dividend for the earlier Seven years isyet to be transferred to the Investor Education and Protection Fund by the Company alongwith the respective shares.
i. The management has represented that to the best of its knowledge and belief nofunds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other personsor entities including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shall: ii.directly or indirectly lend or invest in other persons or entities identified in anymanner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company oriii. provide any guarantee security or the like to or on behalf of the UltimateBeneficiaries. iv. The management has represented that to the best of its knowledge andbelief no funds have been received by the Company from any persons or entities includingforeign entities ("Funding Parties") with the understanding whether recordedin writing or otherwise that the Company shall:
v. directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the FundingParty or vi. provide any guarantee security or the like from or on behalf of the Ultimatebeneficiaries and vii. Based on such audit procedures as considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause d(i) and d (ii) contain any materialmis-statement.
For PPD AND COMPANY CHARTERED ACCOUNTANTS FIRM REG. NO.136510W
PRADIP P. DEVANI PROPRIETOR MEMBERSHIP NO.034517 UDIN: 22034517AJUIYF4530 MUMBAI 28thMAY 2022
Annexure A to the Independent Auditors' Report
(Referred to in Paragraph under "Report on Other Legal and RegulatoryRequirements" of our report of even date) i) In respect of its Property Plant andEquipments : (a) The Company does not have any Property Plant & Equipments andIntangible assets hence reporting under clause 3(i)(a to d) of the Order is not applicable(b) According to the information and explanations given to us and on the basis ofexamination of the records of the Company no proceedings have been initiated during theyear or are pending against the Company as at 31st March 2022 for holding any benamiproperty under the Prohibition of Benami Property Transactions Act 1988 (as amended in2016) and rules made thereunder. ii) (a) The Company does not have any inventory and hencereporting under clause 3(ii)(a) of the Order is not applicable.
(b) The Company has not been sanctioned working capital limits in excess of Rs. 5crore in aggregate at any points of time during the year from banks or financialinstitutions on the basis of security of current assets and hence reporting under clause3(ii)(b) of the Order is not applicable
iii) The company has not made any investments in provided any guarantee or security orgranted any loans or advances in the nature of loans either repayable on demand orwithout specifying any terms secured or unsecured to companies firms Limited LiabilityPartnerships or other parties during the year and hence reporting under clause (iii) ofparagraph 3 of the Order is not applicable.
iv) According to the information and explanations given to us and on the basis ofexamination of the records the Company has not given any loans or provided any guaranteeor security as specified under Section 185 of the Companies Act 2013 and the Company hasnot provided any guarantee or security as specified under section 186 of the CompaniesAct 2013.
v) The Company has not accepted any deposits or amounts which are deemed to be depositsfrom the public within the meaning of section 73 to 76 of the Act and rules framed thereunder. We are informed that no order relating to Company has been passed by the Companylaw Board or National Company Law Tribunal or Reserve Bank of India or any Court or anyother Tribunal.
vi) Maintenance of cost records has not been specified by the Central Government undersub-section (1) of Section 148 of the Companies Act 2013 for the business activitiescarried out by the Company.
Hence reporting under clause (vi) of the Order is not applicable to the Company.
vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records Company is regular in depositing undisputed statutorydues including Goods and Service Tax provident fund employees' state insurance incometax salestax - service tax duty of customs duty of excise value added tax cess andany other material statutory dues as applicable to the Company during the year with theappropriate authorities.
(b) According to the information and explanations given to us and on the basis of ourexamination of the records no dues of Goods and Service Tax provident fund employees'state insurance income tax sales-tax service tax duty of customs duty of excisevalue added tax cess and any other statutory dues which have not been deposited by theCompany on account of dispute.
viii) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company has not surrendered ordisclosed any transactions previously unrecorded as income in the books of accounts inthe tax assessments under the Income Tax Act 1961 as income during the year.
ix) a. According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company has not taken any loans andtherefore not defaulted in repayment of loans or borrowings or in payment of interestthereon to any lender during the year. b. According to the information and explanationsgiven to us and on the basis of our examination of the records of the Company theCompany has not been declared wilful defaulter by any bank or financial institution orother lender.
c. According to the information and explanations given to us by the management theCompany has not obtained any term loans during the year and there are no outstanding termloan at the beginning of the year and hence reporting under clause 3(ix)(c) of the Orderis not applicable. d. According to the information and explanations given to us and on anoverall examination of the Balance Sheet of the Company we report that no funds have beenraised on short term basis which are utilised for long term purposes. e. According to theinformation and explanations given to us and on an overall examination of the financialstatements of the Company we report that the Company has not taken any funds from anyentity or person on account of or to meet the obligations of its subsidiaries associatecompany. f. According to the information and explanations given to us the Company has notraised any loans during the year on the pledge of securities held in its subsidiariesjoint ventures or associate companies and hence reporting under clause 3(ix)(f) of theOrder is not applicable.
x) a) During the year the company has not raised any moneys by way of initial publicoffer or further public offer (including debts instruments).
b) The Company has not made any preferential allotment or private placement of sharesor convertible debentures (fully partially or optionally convertible) during the year xi)a) During the course of our examination of the books of account and records of the Companycarried out in accordance with generally accepted auditing practices in India andaccording to the information and explanations given to us there are no incidence of fraudby the Company or on the Company by its officers or employees has been noticed or reportedduring the year. b) No report under sub-section (12) of section 143 of the Companies Acthas been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Governments during the year and up to the date of thisreport. c) According to the information and explanations given to us and as explained andinformed to us the Company has not received any complaints from whistle blower duringthe year.
xii) According to the information and explanations given to us the Company is not aNidhi Company.
Therefore the provisions of clause (xii) of pa 3 ragraph of the Order are notapplicable to the Company.
xiii) According to the information and explanation given to us and based on ourexamination of the records all the transactions with related parties are in compliancewith sections 177 and 188 of the Companies Act 2013 and appropriate disclosure is given tothe financial statements wherever required.
xiv) a) In our opinion the internal audit system of the Company is commensurate withits size and nature of its business. b) No formal internal audit report was obtained bythe Company during the year.
xv) ln our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with directorsor persons connected with the directors. Therefore the provisions of Section 192 of theCompanies Act 2013 are not applicable to the Company.
xvi) a) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. b) The Company has not conducted any NonBanking - Financial orHousing Finance activities during the year. c) The Company is not Core- Investment Company(CIC) as defined in the regulations made by the Reserve Bank of India. d) According to theinformation and explanations provided during the course of audit the Group does not haveany Core- Investment Companies (CIC) .
xvii) The Company has not incurred any cash losses in the financial year and in theimmediately preceding financial year. xviii) There has been no resignation of thestatutory auditors of the Company during the year.
xix) According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realisation of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatthe Company is not capable of meeting its liabilities existing at the date of balancesheet as and when they fall due within a period of one year from the balance sheet date.We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.
xx) As explained to us and based on our examination of the records there are nounspent amount under sub-section 5 of section 135 of the Companies Act for any ongoingprojects.
For PPD AND COMPANY CHARTERED ACCOUNTANTS FIRM REG. NO.136510W
PRADIP P. DEVANI PROPRIETOR MEMBERSHIP NO.034517
MUMBAI 28th MAY 2022
Annexure B to Independent Auditor's Report on the Internal Financial Controls overfinancial reporting under Clause (i) of Subsection - 3 of Section 143 of the CompaniesAct 2013 ("the Act")
We have audited the internal financial controls over financial reporting of M/sMultiplus Holdings Limited ("the Company") as of 31st March 2022 in conjunctionwith our audit of the Standalone financial statements of the Company for the year thenended.
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.
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.
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.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material 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.
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 2022 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.
For PPD AND COMPANY CHARTERED ACCOUNTANTS FIRM REG. NO.136510W PRADIP P. DEVANIPROPRIETOR MEMBERSHIP NO.034517 MUMBAI 28th MAY 2022