AI assistant
Transoceanic Properties Ltd. Annual Report 2021
62879_rns_2021-06-10_bd21176b-19e4-40b3-8128-4f459a25d744.pdf
Annual Report
Open in viewerOpens in your device viewer
(Formerly Known as Poddar lnfrastructure Limited and Transoceanic properties Limited)
10th June, 2021
To BSE Limited Corporate Relationship Department P. J. Towers, Dalal Street, Mumbai - 400001
Properties Limited) EMail ld of the Companv: [email protected] Comp3nv Code: 509003 Name of the Companv: MEGH MAYUR INFRA LIMITED (Formerlv known as Poddar lnfrastructure Limited and therebefore as Transoceanic
llea r Sir{s),
SLrb: Outcome of Board Meeting pursuant to provisions of SEBI (Listinq Oblisations and Disclosure Requirementsl Regulations, 2015
- i -lhe Board of Directors of the Company at their meeting held today (10th June, 202L), have inter alia approved the following:
- a. Audited Financial Results of the Company for the Fourth Quarter and Financial Year ended on 31st March,202L.
- b Resignation of Ms. Bijay Laxmi Singh as a Chief Financial Officer of the Company, Company secretary and Compliance Officer of the Company with effect from the close of the business hours of 10th June, 2021.
- Mr. Mitul Shah, Managing Director of the company has been appointed as lnterim Compliance Officer with effect from 11th June,2O2I in place of Ms. Bijay Laxmi Singh who ceases to be the Compliance Officer with effect from the close of the business hours of 10th June, 2021..
- Accordingly, please find enclosed the following documents:
- a. Audited Financial Results of the Company for the quarter ended on 31st March, 202L along with Audltor's Report on Results and Year to Date Results of the Company. and financial Year Quarterly Fin ancia
Regd. Office : MHB-l'l/A.302, Near Bhavishya Nidhi Building, Sarvodaya Go-Operative Housing Society Limited, Service Road, Khernagar, Bandra (E), Mumbai400051
(Formerly Known as Poddar lnfrastruclure Limited and Transoceanic Properties Limited)
r
- b. Audited Statement of Assets and Liabilities of the Company for the financial year ended on 31st March, 2021.
- Declaration of Unmodified Opinion on Auditors Report.
This is for your information and record.
Th a n king you,
You rs truly, For MEGH MAYUR INFRA tlM|TED
,6ii*Y1""^i\$54 '
Bijay/Laxmi Singh Company Secretary and Compliance Officer ACS51192
Encl: As above
Regd. Office : MHB-1i/A -302, Sarvodaya Go-Operative Housing Socieg Limited, Near Bhavishya Nidhi Buildirtg, Service Road, Khernagar, Bandra (E), Mumbai40005l
CIN : 151900MH1981P1C025693
Auditor's Report on Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
To, The Board of Directors, MEGH MAYUTR INFRA LIMITED, (Formerly known as Poddar Infrastructure Limited), MHB 11-A-302, Sarvodaya CHSL, Nr. EPFO Offcie, Kher Nagar, Bandra (East), Mumbai 400051.
eee errr
We have audited the quarterly financial results of Megh Mayur Infra Limited for the quarter ended 31 March, 2021 and year to date results for the period April, 2020 to 315t March, 2021, attached herewith, being submitted by the company pursuant to the requirement of regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.
These Quarterly financial results as well as the year to date financial results have been prepared on the basis of the interim financial statements, which are the responsibility of the company's management. Our responsibility is to express an opinion on these financial results based on our audit of such interim financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards 34 (Ind AS 34) for item Financial Reporting, prescribed, under section 133 of the Companies act, 2013 read with relevant rules issued thereunder; or by the Institute of Chartered Accountant of India, as applicable and other accounting principles generally accepted in India.
We conducted our audit in accordance with the Auditing Standards (AS) generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial results are free of material misstatement(s). An audit also includes examining, on test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a-reasonable basis for our opinion.
Contd
2-367/368, Tosniwal House, Moto Dastur Mohailo, Near Parsi Library, Rustampura, Surat 395002 Ph. 2328606, 2354924 E-mail tosniwal_ [email protected]
In our opinion and to the best of our information and according to the explanation given to us these quarterly financial results as well as the year to date results
- (i) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and
- (ii) give true and fair view of the net profit/loss and other financial information for the quarter ended 31 March, 2021 as well as the year to date results for the period from 1°April, 2020 to 31% March, 2021.
FOR H.TOSNIWAL AND CO. CHARTERED ACCOUNTANTS
Ay tye SURAT
CA. PRATEEK TOSHNIWAL (PARTNER) M. No.: 163878 FRN: 0111032W
PLACE: SURAT DATE: 10-06-2021
UDIN: 21163878AAAACC9179
(Formerly Known as Poddar Infrastructure Limited and Transoceanic Properties Limited)
AUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED 31ST MARCH, 2021
| AUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER & YEAR ENDED 31st MARCH, 2021 PART I |
(Rs. in Lakhs) | |||||
|---|---|---|---|---|---|---|
| Three Months Ended | Year Ended | |||||
| Sr. No. |
Particulars | 31.03.2021 | 31.12.2020 | 31.03.2021 | 31.03.2020 | |
| Audited | Unaudited | 31.03.2020 Audited |
Audited | Audited | ||
| ÷ | Income from operations | |||||
| (a) Revenue from Operations | ||||||
| (b) Other Income | a) | |||||
| Total income from operations (net) | ٠ | |||||
| $\overline{2}$ | Expenses | |||||
| (a) Cost of materials consumed | $\blacksquare$ | w. | ۰ | |||
| (b) Purchase of stock-in-trade | ٠ | ¥. | (39.25) | |||
| (c) Change in inventories of finished goods, work-in- progress & stock-in-trade |
39.25 | |||||
| (d) Employee benefit expenses | 0.72 | 0.97 | 1.29 | 4.27 | 5.10 | |
| (c) Finance Cost | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | ||||
| (1) Depreciation & amortisation expenses | ||||||
| (g) i} Other Expenses | 1.87 | 1.32 | 2.26 | 5.56 | 6.62 | |
| ii} Other Expenses - BSE Fees | 3.54 | 3.00 | ||||
| Total Expenses | 2.59 | 2.29 | 3.55 | 13.37 | 14.72 | |
| $\mathfrak{z}$ | Profit /(Loss) before exceptional & extraordinary | |||||
| items and tax | (2.59) | (2.29) | (3.55) | (13.37) | (14.72) | |
| 4 | Exceptional Items | $\blacksquare$ | ¥. | |||
| Š, | Profit /(Loss) before extraordinary items and tax | (2.59) | (2.29) | (3.55) | (13.37) | (14.72) |
| $\langle$ | Extraordinary items | |||||
| Profit / before Tax | (2.59) | (2.29) | (3.55) | (13.37) | (14.72) | |
| 8 | Tax Expenses - Current Tax | |||||
| - Deferred Tax | ||||||
| $\ddot{ }$ | Net Profit $(+)$ / Loss (-)for the period | (2.59) | (2.29) | (3.55) | (13.37) | (14.72) |
| 10 Other Comprehensive Income V(i) items that will not be reclassified to profit or loss $\Lambda$ (i) hems that will not be reclassified to profit or loss (ii) Income tax relating to items that will not be reclassified to profit or loss B (i) Items that will be reclassified to profit or loss (ii) Income tax relating to items that will be reclassified to profit or loss |
||||||
| $\perp$ | Fotal Comprehensive Income for the period | (2.59) | (2.29) | (3.55) | (13.37) | (14.72) |
| 12 | Details of equity share capital | |||||
| Paid-up Equity Share Capital | 630.00 | 630.00 | 630.00 | 630.00 | 630.00 | |
| Face value of equity share capital | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | |
| 18 Reserve excluding Revaluation Reserves as per balance sheet of previous year |
38.29 | |||||
| 19 Debenture redemnyion reserve | 51.66 |
Regd. Office : MHB-11/A -302, Sarvodaya Co-Operative Housing Society Limited.
Near Bhavishya Nidhi Building, Service Road, Khernagar, Bandra (E), Mumbai-400051
CIN: L51900MH1981PLC025693
(Formerly Known as Poddar Infrastructure Limited and Transoceanic Properties Limited)
| (0.04) | (0.04) | (0.06) | (0.21) | (0.23) |
|---|---|---|---|---|
| (0.04) | (0.04) | (0.06) | (0.21) | (0.23) |
- The aforementioned Results were reviewed and recommended by Audit committee and approved by the Board of Directors at its meeting held on 10th June, 2021
- 2 The above figures for the last quarter of the current year and for the previous year are the balancing figures between audited figures in respect of the full financial year and year to date figures upto the third quarter which are subject to limited review by auditors
- 3 Previous year figures are regrouped/rearranged wherever necessary.
- 4 The Company's shares are listed only on BSE Limited.
- 5 There were no investor complaints pending at the beginning and at the end of the quarter.
FOR MEGH MAYUR INFRA LIMITED
(Formerly Known as Poddar Infrstructure Limited and therebefore known as Transoceanic Properties Limited)
Place: Surat Date: 10.06.2021
Mitul Shah (Managing Director) DIN: 00509114
Regd. Office: MHB-11/A -302, Sarvodaya Co-Operative Housing Society Limited, Near Bhavishya Nidhi Building, Service Road, Khernagar, Bandra (E), Mumbai-400051
CIN: L51900MH1981PLC025693
(Formerly Known as Poddar Infrastructure Limited and Transoceanic Properties Limited)
| Megh Mayur Infra Limited | |||||||
|---|---|---|---|---|---|---|---|
| Balance sheet as at 31/03/2021 | |||||||
| No | Particulars | As at 31st March, 2021 31st March, 2020 |
As at | ||||
| ASSETS | |||||||
| (1) | Non-current assets | ||||||
| a) | Property, plant and equipment | ||||||
| b) | Capital work-in-progress | ||||||
| $\mathcal{C}$ ) | Investment property | ۰ | |||||
| d) | Goodwill | ||||||
| e) | Other Intangible Assets | ٠ | |||||
| f) | Intangible assets under development | ||||||
| $\mathfrak{g}$ ) | Biological assets other than bearer plants | ||||||
| $\ln$ ) | Financial assets | ||||||
| - Investments | 31,000 | 31,000 | |||||
| - Trade Receivables | |||||||
| - Loans | 1,000 | 121,000 | |||||
| - Others (to be specified) | |||||||
| $\mathbf{i}$ ) | Deferred tax assets (Net) | ||||||
| $\mathbf{i}$ | Other non-current assets | 75,800,000 | 75,800,000 | ||||
| (2) | Current assets | ||||||
| a) | Inventories | 3,924,997 | |||||
| b) | Financial assets | ||||||
| - Current investments | |||||||
| - Trade and other receivables | |||||||
| - Cash and cash equivalents | 51,483 | 51,534 | |||||
| - Bank balances other than cash and cash equivalents |
160,367 | 339,686 | |||||
| - Loans | - | ||||||
| - Others | |||||||
| $\circ$ ) | Others (to be specifed) | ||||||
| d) e) |
Current tax assest(net) Other current assets |
167,488 | 170,635 | ||||
| TOTAL | 76,211,338 | 80,438,852 | |||||
| EQUITY AND LIABILITIES | |||||||
| Equity | |||||||
| a) | Equity Share Capital | 63,000,000 | 63,000,000 | ||||
| $\vert$ | Other Equity | 3,829,643 | 5,166,917 | ||||
| Share application money pending allotment |
Regd. Office: MHB-11/A -302, Sarvodaya Co-Operative Housing Society Limited,
Near Bhavishya Nidhi Building, Service Road, Khernagar, Bandra (E), Mumbai-400051
$\epsilon_{\rm eff}$ , $\epsilon_{\rm eff}$
| (Formerly Known as Poddar Infrastructure Limited and Transoceanic Properties Limited) | ||||
|---|---|---|---|---|
| Non-current liabilities | ||||
| Financial liabilities | ||||
| - borrowings | 9,212,703 | 12,134,700 | ||
| - Other financial liabilities | ||||
| b) | Provisions | |||
| $\mathcal{C}$ ) | Deferred tax liabilities (Net) | |||
| $\left(\right)$ | Other non-current liabilities | |||
| (2) | Current liabilities | |||
| a) | Financial liabilities | |||
| - borrowings | ||||
| - Trade and other payables | ||||
| - Other financial liabilities | ||||
| b) | Other current liabilities | 168,992 | 137,235 | |
| C) | Provisions | |||
| $\mathbf{d}$ ) | Current tax liabilities(net) | |||
| Liabilities associated with group(s) of | ||||
| assets held for disposal | ||||
| TOTAL | 76,211,338 | 80,438,852 |
FOR MEGH MAYUR INFRA LIMITED
(Formerly Known as Poddar Infrastructure Limited and therebefore known as Transoceanic Properties Limited)
Place: Surat Date: 10.06.2021
tul Shah
(Managing Director) DIN: 00509114
Regd. Office: MHB-11/A -302, Sarvodaya Co-Operative Housing Society Limited, Near Bhavishya Nidhi Building, Service Road, Khernagar, Bandra (E), Mumbai-400051
(Formerly Known as Poddar Infrastructure Limited and Transoceanic Properties Limited)
| Statement of Cash Flows for the year ended 31.03.2021 Year ended Year ended śr. March 31, 2021 March 31, 2020 No. Particulars (Audited) (Audited) Cash flows from operating activities A $a$ ) Cash receipts from customers , $\mathbf{b}$ ) Cash paid to suppliers and employees e) Cash generated from operations 2622628 $-1585661$ d) Interest paid e) Income taxes paid a, $\int$ Dividends paid Net cash from operating activities 2622628 $-1585661$ B Cash flows from investing activities a) Business acquisitions, net of cash acquired ۷ - b) Purchase of property, plant and equipment - Ξ $\epsilon$ ) Proceeds from sale of equipment ۰ ٠ d) Acquisition of portfolio investments ٠ ÷ e) Investment income $\ddot{}$ $\int$ Other inflow/outflow of cash 120,000 Net cash from investing activities 120,000 $\overline{C}$ Cash flows from financing activities a) Proceeds from issue of share capital b) Proceeds from long-term borrowings 1800000 e) Payment of long-term borrowings 2,921,997 Net cash used in financing activities 2,921,997 1800000 Net increase/ (decrease) in cash and cash equivaler (179, 369) 214339 Cash and cash equivalents at beginning of period 391220 176881 Cash and cash equivalents at end of period 211,851 391220 |
Megh Mayur Infra Limited | ||||
|---|---|---|---|---|---|
FOR MEGH MAYUR INFRA LIMITED
(Formerly Known as Poddar Infrastructure Limited and therebefore known and Masoceanic Properties Limited)
Mitul Shah (Managing Director)
Regd. Office: MHB-11/A-302, Sarvodaya Co-Operative Housthag Sbefety Limited, Near Bhavishya Nidhi Building, Service Road, Khernagar, Bandra (E), Mumbai-400051
MUMBAI
Plac Surat
Date: 10.06.2021
CIN: L51900MH1981PLC025693
(Formerly Known as Poddar Infrastructure Limited and Transoceanic Properties Limited)
10th June, 2021
To BSE Limited Corporate Relationship Department P. J. Towers, Dalal Street, Mumbai - 400001
Company Code: 509003 Name of the Company: MEGH MAYUR INFRA LIMITED (Formerly known as Poddar Infrastructure Limited and therebefore known as Transoceanic Properties Limited) E-Mail Id of the Company: [email protected]
Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015
Dear Sir,
In compliance with the regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 we hereby state that the Statutory Auditors of the Company M/s. H. Tosniwal & Co., Chartered Accountants (FRN 111032W) have issued Audit Report with unmodified opinion on the Audited Financial Results of the Company for the Financial Year ended March 31st, 2021.
You are requested to take same on your record
Thanking you,
Yours truly, For MEGH MAYUR INFRA LIMITED
Bijay launi Sigh.
Bijay Laxmi Singh Company Secretary and Compliance Officer ACS51192
Encl: As above
Regd. Office: MHB-11/A-302, Sarvodaya Co-Operative Housing Society Limited, Near Bhavishya Nidhi Building, Service Road, Khernagar, Bandra (E), Mumbai-400051
H. TosNrwAL & Co. CHARTERED AEGEllNTANTS.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF'MEGH MAYURINFRA LIMITED
Report on the Audit of the Financial Statements
Opinion:
We have audited the accompanying Financial Statements of MEGH MAYUR INFRA LIMITED ("the Company"), which comprises the Balance Sheet as at March 31,2021, the Statement of Profit and Loss, the Statement of changes in Equity and the Statement of Cash Flows for the year ended on that date and a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act,2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribe under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ('Ind AS') and other accounting principles generally accepted in India, ofthe state of affairs of the company as at March 31,2021, the profit, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion:
We conducted our audit of the Financial Statements in accordance with the Standards on Auditing specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibility for the Audit of the Financial Statemints section of our repbrt. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provision of the Act and Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Key Audit Matters:
Key audit matters are those matters that, in our professional judgement, were of most significant in our audit of the Financial Statements of the current period. These matters were addressed in the context of our audit of the financial statement as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In the audit of the current period, we does not have observed any key audit matters required to be reported separately.
2-3671368, Tosniwal House, Moto Dastur Mohallo, Near Parsi Library, Rustampura, Surat - 395002 Ph. : 2328606, 2354924 E-mail :tosniwal [email protected]
Other Matters:
The continuous spreading of COVID -19 across India has resulted in restriction on physical visit to the client locations and the need for carrying out altemative audit procedures as per the Standards on Auditing prescribed by the Institute of Chartered Accountants of India (ICAI). As a result of the above, the entire audit was carried out based on remote access of the data as provided by the management of the Company. This has been carried out based on the advisory on "specific Considerations while conducting Distance AudiV Remote AudiV Online Audit under curent Covid-l9 situation" issued by the Auditing and Assurance Standards Board of ICAI. We have been represented by the management of the Company that the data provided for our audit purposes is conect, complete, reliable and are directly generated by the accounting system of the Company without any further manual modifications.
We bring to the attention of the users that the audit of the financial statements has been performed in the aforesaid conditions.
Our audit opinion is not modified in respect ofthe above.
Information Other than the Financial Statements and Auditor's Report Thereon:
The Company's Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board's Report including Annexure to Board's Report, Business Responsibility Report, Corporate Govemance and Shareholder's Information, but does not include the Financial Statements and our audilor's report thereon.
Our opinion on the Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course ofour audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to.report that fact. We have nothing to report in this regard.
Management's Responsibility for the tr'inancial Statements:
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Cornpanies Act, 2013 ("the Act") with respect to the prepamtion ofthese financial statements that give a true and fair view ofthe financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Indian Accounting Standards) Rules, 2015, as amended.
This responsilility also .includes the maintenance of adequate accorurting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other inegularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; implementation and maintenance of adequate intemal financial control, that were ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to lraud or error.
In preparing the financial statement , management is responsible for assessing the Company's ability to continue as a going concern, disclosing ,as applicable, matterc related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic altemative but to do so.
The Board ofDirectors are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibility for the Audit of the Financial Statement:
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or enor, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence tle economic decisions of users taken on the basis ofthese financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- . Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suflicient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from ftaud is higher than for one resulting from eror, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control.
- . Obtain an understanding of intemal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3Xi) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate intemal financial controlS system in place and the operating effectiveness ofsuch controls.
- r Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
- r Conclude on the appropriateness of management's use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modi\$ our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. Howevei, future events or conditions pay cause the Company to cease to continue as a going concem.
- r Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the events in a manner that achieves fair presentation,
Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect bf any identified misstatements in the financial statements.
We communicate with those charged with govem.rnce regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identifr during our audit.
We also provide those charged with govemance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with govemance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matten. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our feport because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements:
-
- As required by section 143(3) of the Act, based on our audit, we rcport that:
- We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit. a)
- In our opinion, proper books of account as required by law have been kept by the Company so far as appeaxs from our exarnination ofthose books; b)
- The Balance Sheet, the Statement of Profit and Loss, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account. c)
- In our opinion, the aforpsaid Financial Statements comply with the Ind AS specified under Section 133 of the Act. d)
- On the basis of written representations received from the directors as on March 31,2021 taken on record by the Board of Directors, none ofthe directors is disqualified as on March 31,2021, from being appointed as a director in terms of section 164(2) ofthe Act. e)
- With respect to the adequacy of the intemal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure A". Our report expresses an rnmodified opinion on the adequacy and operating effectivendss of the Company's intemal financial controls over financial reportlng.
-
g) With respect to the other matters to be included in the Auditor's Report in Rule I I of the Companies (Audit and Auditors) Rule 2014, as to the best ofour information and according to the explanation given
-
i. The Company does not have any pending litigation which would impact its Financial position;
- ii. The Company did not have any long-term contracts including derivative contacts for which they were any material foreseeable losses under the applicable law or accounting standards-
- iii. There has been nq delay in transferring amounts if applicable, required to be tansferred, to the Investor Education and Protection Fund by the Company.
- As required by the Companies (Auditor's Report) Order, 2016 (1fie Order') issued by the Cental Govemment of India in terms of sub-section (ll) of section 143 of the Act, we give in the "Armexure B", a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. -
FORH. TOSNTVYAL AI[D CO. CIIARTERED ACCOUNTAI\TS
E
CA. PRATEN,KTOSHNTWAL (PARTT\ER) M. No.: 163878 FRN:011I032W
PLACE: SI]RAT DATE:10-05-2021
UDIN: 21163878AAAACB7341
Annexure - A to the Independent Auditors' Report
(Referred to in paragraph I (f) under 'Report on Other Legal and Regulatory Requirements, section of our report to the Members of Megh Mayur Infra Limited of even date)
Report on the Internal Financial Controls over frnancial reporting under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the intemal financial controls over financial reporting of MEGH MAYUR INFRA LIMITED ("the Company") as of March 31, 2021 in conjunction with our audit of the financial statements ofthe Company for the year ended on that date.
Management'sResponsibilityforInternalF.inancialControls
The Company's management is responsible for establishing and maintaining intemal financial controls based on the intemal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Intemal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India CICAI'). These responsibilities include the design, implementation and maintenance of adequate intemal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to.Company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation ofreliable financial information, as required under the Companies Act, 2013.
Auditors' Responsibility
Our responsibility is to express an opinion on the Company's intemal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Intemal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of intemal financial controls, both applicable to an audit of Intemal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate intemal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating. the design and operating effectiveness of intemal control based assessed risk. The procedures selected depend on the auditor's judgment, including the risks of material misstatement of the financial statements, whether due to fraud or error
2-3671368, Tosniwal House, Moto Dastur Mohallo, Near Parsi Library, Rustampura, - 395002 Ph. :2328606, 2354924 E-mail :tosniwal [email protected]
The Annexure refened to in Independent Auditor's Report to the members of the Company on the financial statements of the Company for the year ended March 3I,2021, we report that:
(D (a) The Company does not have any fixed assets dqing the year, therefore, provision regarding thereto are not applicable.
(b) As the Company does not have any fixed assets as specified in Paragraph (i)(a), reporting under Paragraph (i)(b) and (i)(c) of Companies (Auditor's Report) Order, 2016 is not applicable.
- (iD (a) According to information and explanations give to us, the management of the Company has conducted physical verification at reasonable intervals of inventories during the period and no material discrepancies have been noticed during such verification.
- (iii) (a) In our opinion and according to the information and explanation given to us, the Company has not granted any loan secured or unsecured to the companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013.
(b) As the Company has not granted any loan as specified in Paragraph (iii)(a), reporting under Paragraph (iii)(b) and (iii)(c) of Companies (Auditor's Report) Order,2016 is not applicable.
- (iv) In our opinion and according to the information and explanation given to us, the Company has complied with the proviSion of section 185 and 186 of the Act, with respect to the loans and investment made.
- (v) The Company has not accepted deposits during the year and does not have any unclaimed . deposits as at March 31, 2021 and therefore, the provisions of the clause 3 (v) of tho Order are not applicable to the Company.
- (vi) To the best of our knowledge and explanation given to us, the provisions of maintenance of cost records under sub section (l) of Section 148 of the Act are not applicable to Company for. the financial year 2020-21. Accordingly, paragraph (vi) of Order is not applicable.
- (vii) According to the information and explanations given to us, there is no undisputed amounts payable for a period of more than six months from the date they became payable.
- (viii) The Company does not have any loans or bonowings from any financial institution, banks, govemment or debenture holders during the year. Accordingly, paragraph (viii) of the Order is not applicable.
- (ix) The Company did not raise (including debt instruments) Order is no1 applicable. any money by way of initial public offer or frirther public offer and term losns during the year. Accordingly; paragraph (ix) of
- (x) According to the information and explanation given to us, no material fraud or on the Company by its offieers or employees has been noticed or reported of our audit.
2-3671368, Tosniwal House, Moto Dastur Mohallo, Near Parsi Library, Rustampura, Surat - 395002 Ph. : 2328606, 2954924 E-mail : tosniwal [email protected]
- (xi) According to the information and explanations given to us, and based on our examination of the records of the Company, the Company has not paid./provided for any managerial remuneration. Accordingly, paragraph (xi) of Order is not applicable.
- ("ii) In our opinion and according to the information and explanation given to us, the Company is not a Nidhi Company in terms of section 406 of the Companies Act, 2013. Accordingly, paragraph (xii) ofthe order is not applicable.
- (xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of The Companies Act, 2013 where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable Accounting Standards.
- (xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotrnent or private placement of shares or fully or partly convertible debentures during the year.
- (xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph (xv) of the Order is not applicable.
- (xvi) According to the information and explanations given to us the Company is not required to be registered under section 45-IA of the Reserve Bank oflndia Act, 1934.
FOR H. TOSNIWAL AND CO. CHARTERED ACCOUNTAI\ITS
CA. PRATEEK TOSHNIWAL (PARTNER) M. No.: 163878 FRN:0111032W
PLACE: SURAT DATE: 10-06-2021
UDIN: 21163878AAAAC87341
