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Maharashtra Corporation

BSE: 505523|ISIN: INE272E01027|SECTOR: Finance - General
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Maharashtra Corporation is not listed on NSE
« Mar 14
Auditor's Report (Maharashtra Corporation) Year End : Mar '15
We have audited the accompanying financial statements of Maharashtra
 Corporation Limited (the Company), which comprise the Balance Sheet
 as at March 31, 2015, the Statement of Profit and Loss and Cash Flow
 Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 The management and Board of Directors of the Company are responsible
 for the matters stated in Section 134(5) of the Companies Act, 2013
 (''the act'') with respect to the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance 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 Companies (Accounts) Rules, 2014.  This responsibility
 includes maintenance of adequate accounting records in accordance with
 the provisions of the Act for safeguarding the assets of the Company
 and for preventing and detecting frauds and other irregularities;
 selection and application of appropriate accounting policies; making
 judgments and estimates that are reasonable and prudent; design,
 implementation and maintenance of adequate internal financial controls,
 that are operating effectively for 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 fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made there under. We conducted our
 audit in accordance with the Standards on Auditing specified under
 Section 143(10) of the Act. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal financial control relevant to the Company''s
 preparation of the financial statements, that give a true and fair view,
 in order to design audit procedures that are appropriate in the
 circumstances, but not for the purpose of expressing an opinion on
 whether the Company has in place an adequate internal financial controls
 system over financial reporting and the operating effectiveness of such
 controls An audit also includes evaluating the appropriateness of
 accounting policies used and the reasonableness of the accounting
 estimates made by the Company''s management and Board of Directors, as
 well as evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 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 Act in the manner so required and give a
 true and Fair view in conformity with the accounting principles
 generally accepted in India of the state of affairs of the Company as
 at 31st March 2015, its loss and its cash flows for the year ended on
 that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order, 2015 (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
 statement on the matters Specified in paragraphs 3 and 4 of the Order.
 
 2. As required by section 143(3) of the Act, we further report that:
 
 a.  We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purpose of our audit.
 
 b.  In our opinion proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books.
 
 c.  The Balance Sheet, Statement of Profit and Loss, and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account.
 
 d.  In our opinion, the aforesaid financial statements comply with the
 applicable Accounting Standards specified under Section 133 of the Act,
 read with Rule 7 of the Companies (Accounts) Rules 2014.
 
 e.  On the basis of written representations received from the directors
 as on March 31, 2015, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2015, from being
 appointed as a director in terms of Section 164(2) of the Act.
 
 f.  In our opinion and to the best of our information and according to
 the explanations given to us, we report as under with respect to other
 matters to be included in the Auditor''s Report in accordance with Rule
 11 of the Companies (Audit and Auditors) Rules, 2014.
 
 i.  The Company does not have any pending litigations which would
 impact its financial position.
 
 ii.  The Company did not have any long-term contracts including
 derivative contracts; as such the question of commenting on any
 material foreseeable losses thereon does not arise
 
 iii.  There has not been an occasion in case of the Company during the
 year under report to transfer any Sums to the Investor Education and
 Protection Fund. The question of delay in transferring such sums does
 not arise.
 
 Annexure referred to in paragraph 1 of our Report of even date to the
 members of Maharashtra Corporation Limited on the accounts of the
 company for the year ended 31st March, 2015
 
 On the basis of such checks as we considered appropriate and according
 to the information and explanations given to us during the course of our
 audit, we report that:
 
 i. a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets;
 
 b) As explained to us, fixed assets have been physically verified by the
 management at regular intervals; as informed to us no material
 discrepancies were noticed on such verification;
 
 ii. a) The inventory has been physically verified by the management
 during the year. In our opinion, the frequency of such verification is
 reasonable. For stocks lying with third parties at the year end,
 written confirmations have been obtained for significant account
 balances.
 
 b) The procedures for the physical verification of inventories followed
 by the management are reasonable and adequate in relation to the size
 of the Company and the nature of its business.
 
 c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 the book records were not material.
 
 iii. The Company has not granted any loans or advances in the nature of
 loans to parties covered in the register maintained under section 189
 of the Companies Act, 2013.  Hence, this clause is not applicable.
 
 iv. In our opinion and according to the information and explanations
 given to us, there is adequate internal control system commensurate
 with the size of the Company and the nature of its business, for the
 purchase of fixed assets and for the sale of services. Further, on the
 basis of our examination of the books and records of the Company and
 according to the information and explanations given to us, no major
 weakness has been noticed or reported.
 
 v.  The Company has not accepted any deposits from the public covered
 under Section 73 to 76 of the Companies Act, 2013
 
 vi.  As informed to us, the Central Government has not prescribed
 maintenance of cost records under sub-section (1) of Section 148 of the
 Act
 
 vii. a) According to the information and explanations given to us and
 based on the records of the company examined by us, the company is
 regular in depositing the undisputed statutory dues, including Provident
 Fund, ''Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax,
 Service Tax, Custom Duty, Excise Duty and other material statutory dues,
 as applicable, with the appropriate authorities in India;
 
 b) According to the information and explanations given to us and based
 on the records of the company examined by us, there are no dues of
 Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
 Duty which have not been deposited on account of any disputes.
 
 c) There are no amount required to be transferred by the Company to the
 investor Education and protection Fund in accordance with provision of
 the Companies Act, 2013 and the rules made there under.
 
 viii. The accumulated losses of the company are not more than fifty per
 cent of its net worth.  The company has not incurred any Cash losses
 during the year. However, Company had incurred cash losses in the
 immediately preceding financial year.
 
 ix. As the Company does not have any borrowings from any financial
 institution or bank nor has it issued any debentures as at the Balance
 Sheet date, the provision of clause 3(ix) of the order are not
 applicable to the company.
 
 x.  According to the information and explanations given to us, the
 Company has not given any guarantee for loan taken by others from a
 bank or financial institution during the year. Accordingly, the
 provisions of Clause 3(x) of the order are not applicable to the
 company.
 
 xi. The Company has not raised any term loans. Accordingly, the
 provisions of Clause 3(xi) of the order are not applicable to the
 Company.
 
 xii. During the course of our examination of the books and records of
 the company, carried in accordance with the auditing standards
 generally accepted in India, we have neither come across any instance
 of fraud on or by the Company noticed or reported during the course of
 our audit nor have we been informed of any such instance by the
 Management.
 
 
                                             For Lakhpat M Trivedi & Co.
                                                  Chartered Accountants
                                                                   Sd/-
                                                      Lakhpat M Trivedi
                                                             Proprietor
                                                          M. No. 109047
 Place : Mumbai
 Date : 30.05.2015
 
 
Source : Dion Global Solutions Limited
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