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Mahalaxmi Seamless Ltd.

BSE: 513460 | NSE: | Series: NA | ISIN: INE257F01017 | SECTOR: Steel - Tubes & Pipes

BSE Live

Jun 05, 16:00
6.50 -0.30 (-4.41%)
Volume
AVERAGE VOLUME
5-Day
301
10-Day
163
30-Day
1,819
500
  • Prev. Close

    6.80

  • Open Price

    6.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

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Mahalaxmi Seamless is not listed on NSE

Annual Report

For Year :
2015 2014 2012 2011 2009 2008 2007 2006

Auditor's Report

We have audited the accompanying financial statements of Mahalaxmi Seamless Limited (the company), which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the 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 Company''s Board of Directors is responsible for the matters 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 the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting 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 irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were 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 thereunder. 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 true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s 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 on the financial statements. 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; a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015; b) in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on other Legal and Regulatory Requirements 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 Companies Act, 2015, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 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 best of 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 the Company so far as appears from our examination of those books. c) The Balance Sheet, the Statement of Profit and Loss, and the 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 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 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act. f) With respect to the other matters included in the Auditor''s Report and to our 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 financial position except as below : There are some labour related matters pending in the Labour Court at Raigad and Mumbai. The Company''s Liability towards such matters cannot be ascertained. ii) The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses. iii) The Company has Rs. 1,58,738/- related to financial year 2007-2008 required to be transferred to investor education and protection fund. Annexure to Auditors Report (Referred to in Paragraph 1 under the heading of report on other legal and regulatory requirements of our report of even date) i) In respect of its fixed assets: a. In our opinion Company is not maintaining proper records showing full particulars including quantitative details and situation of fixed assets. b. As explained to us, the fixed assets of the Company have been physically verified during the year by the management, but in view of Inadequate fixed assets records we are unable to comment on discrepancies. c. The Company has not disposed off substantial parts of fixed assets during the year. ii) In respect of its inventories: a. The inventory has been physical verified during the year by the management at reasonable intervals. b. The procedures followed by the management for physical verification of stock are in our opinion reasonable and adequate in relation to the size of the company and nature of its business. c. In our opinion and according to the information and explanation given to us, the company has maintained proper records of its inventories and discrepancies were noticed on verification between the physical stock & book stock were not material have been properly dealt with in the books of account. iii) In respect of the loans, secured or unsecured, granted by the Company to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013: a. The Company has not granted any loan, secured or unsecured to companies, firms, or other parties covered in the register maintained under section 189 of the Act. b. In view of our comments in Para iii) (a) above, clauses (iii) (a) and (b) of the said Order are not applicable to the Company. iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchases of inventory and fixed assets and for the sale of goods and services, however, in our view, it needs to be further strengthened. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control systems. v) The company has not accepted deposits, hence clauses (v) of the said Order is not applicable to the Company. vi) Based on the information and explanation provided to us, the Company has maintained the cost records prescribed by the Central Government under Section 148 (1) of the Companies Act, 2013. However, we have not made detailed examination of such cost records with a view to determine whether they are maintained adequately. vii) In respect of statutory dues: a. Accordingly to the records of the Company, the undisputed statutory dues including Provident Fund, ESIC, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, and Cess have generally been regularly deposited with the appropriate authorities except certain delays. According to the information and explanations given to us, there are no undisputed amount payable in respect of such statutory dues which have remained outstanding as at 31st March, 2015 for a period more than six months from the date they became payable. b. According to the information and explanations given to us, the Company has no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited on account of disputes with the related authorities except as below: Nature of Liability Financial year to Amount (Rs.) which it concerns Income tax Liability F.Y. 2008-09 12,93,013/- Income tax Liability F.Y. 2009-10 4,42,2107- Sales Tax Liability F.Y. 2004-05 65,57,957/- c. According to information and explanation given to us, the Company has Rs. 1,58,738/- related to financial year 2007-2008 required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder. viii) The accumulated losses as at the end of the financial year do not exceed 50% of the Net Worth and the Company has not incurred cash loss in the current financial year however there was cash loss during the preceding financial year amounting to Rs. 2,59,92,961/-. ix) In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of its dues to banks and financial institutions. x) The Company has not given any guarantees for loans taken by others from banks and financial institutions. xi) There are no term loans raised during the year. xii) In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit. For K C P L AND Associates LLP Chartered Accountants Firm No. 119223 W Mahavir Jain Partner M. No. 121275 Place: Mumbai Date: 30th May, 2015