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|
M/s Multiplus Holdings Limited.
Report on Standalone Financial Statements Opinion
We have audited the accompanying standalone financial statements of Multiplus HoldingsLimited ("the Company") which comprise the Balance Sheet as at 31st March 2020and the Statement of Profit and Loss and the Cash Flow Statement and the Statement ofChages in Equity for the year ended on that date and notes to the standalone financialstatements including a summary of significant accounting policies and other explanatoryinformation 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 the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended and other accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2020 its profit including its cash flows and thechanges in equity for 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.
Emphasis of Matter
We draw your attention to Note (5) of notes forming part of the accounts to theStandalone financial statements which explains the uncertainties and the management'sassessment of the financial impact due to the lockdowns and other restrictions andconditions related to the Covid-19 pandemic situation for which a definitive assessmentof the impact in the subsequent period is highly dependent upon circumstances as theyevolve.
Our opinion is not modified in respect of this matter.
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 financial statements as a whole and in forming our opinion thereon and wedo not provide a separate opinion on these matters.
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual report but does not includethe Standalone Financial Statements and our auditor's report thereon.
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 financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.
Management's Responsibility for the Standalone 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 financial statements that give a true and fair view of the financialposition financial performance cash flows and Changes in Equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards specified under section 133 of the Act. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof 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 adequate internal financial controls that wereoperating 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.
In preparing the Standalone Financial Statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic 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 StandaloneFinancial 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 the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act 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 reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
Evaluate the overall presentation structure and content of the StandaloneFinancial Statements including the disclosures and whether the Standalone FinancialStatements represent 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 financial year ended March 312020 and are therefore the key audit matters. Wedescribe these 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 subsection (11) of section 143 ofthe Companies Act 2013 we give in the Annexure -A statement on the matters specified inparagraphs 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 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 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 with theAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015.
(e) On the basis of the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors aredisqualified as on 31st 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 controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B"
(g) In our opinion the managerial remuneration for the year ended March 31 2020 hasbeen paid / provided by the Company to its Directors in accordance with the provision ofSec 197 read with Schedule V to the Act:
(h) 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 does not have any pending litigations which would impact its financialposition.
ii) The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii) An amount of Rs. 7602/- for F.Y. 2011- 12 & Rs.8560 for F.Y.2012-13 beingunclaimed dividend is to be transferred to the Investor Education and Protection Fund bythe Company.
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 fixed assets:
The Company has no fixed assets hence provisions of Clause (i) of Paragraph 3 of theOrder are not applicable to the company.
ii) As explained to us the inventories were physically verified during the year by theManagement at reasonable interval and no material discrepancies were noticed on physicalverification.
iii) The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act therefore provisions of paragraph 3 (iii) (a) (b) and(c) of the Order are not applicable.
iv) No loans guarantees and security have been given by the company without complyingwith the provisions of sections 185 and 186 of the Companies Act 2013. Investments madeby the company have exceeded the limits mentioned under Sec 186 of the companies Act.
v) According to the information and explanations given to us the Company has notaccepted any deposits in contravention of directives issues by the Reserve Bank of Indiaand the provisions of Section 73 to 76 or any other relevant provisions of the CompaniesAct2013.
vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of Cost records under clause 148 (1) of the Companies Act2013for the Company and therefore the provisions of Clause (vi) of the order is notapplicable to the Company.
vii) (a) As explained to us the Company is regular in depositing undisputed statutorydues including Provident Fund Employees State Insurance Fund Income Tax Sales TaxService Tax Duty of Customs Duty of Excise Cess and any other material statutory duesas applicable to the Company during the year with the appropriate authorities and thereare no arrears of Outstanding Statutory dues as on the last day of the financial yearconcerned for a period of more than six months from the date they became payable.
(b) As explained to us there are no dues outstanding on account of dispute withIncome-tax Sales-tax Service Tax Duty of Custom Duty of Excise Value Added Tax andany other material statutory dues in arrears as at March 31 2020 for a period of morethan six months from the date they became payable.
viii) In our opinion and according to information and explanations given to us theCompany has not defaulted in the repayment of dues to Financial Institutions or banks.The Company has not raised any monies from Government or Financial Institutions and doesnot have any outstanding debentures.
ix) The Company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments) or term loans hence reporting under clause (ix)of Paragraph 3 of the order is not applicable.
x) During the course of our examination of the books of account and records theCompany carried out audit in accordance with generally accepted auditing practices inIndia and according to the information and explanations given to us there are noincidences of fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the year.
xi) In our opinion and according to information and explanations given to us thecompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act.
xii) The Company is not a Nidhi Company. Therefore the provisions of clause (xii) ofparagraph 3 of the Order are not applicable 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 section 188 of the Companies Act 2013 and appropriate disclosure is given to thefinancial statements wherever required.
xiv) According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year. Therefore the provisions of clause (xiv) ofparagraph 3 of the Order are not applicable to the Company.
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 clause (xv) ofparagraph 3 of the Order are not applicable to the Company.
xvi) According to information and explanations given to us the Company is not requiredto be registered under Section 45-IA of the Reserve Bank of India Act 1934. Accordinglythe Clause 3 (xvi) of the Order is not applicable to the Company.
Independent Auditor's Report on the Internal Financial Controls over financialreporting under Clause
(i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of M/sMultiplus Holdings Limited ("the Company") as of 31st March 2020 in conjunctionwith our audit of the financial statements of the Company for the year then ended.
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 2019 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.