Moneycontrol Be a Pro
Get App
SENSEX NIFTY
Munoth Financial Services | Auditor's Report > Finance - General > Auditor's Report from Munoth Financial Services - BSE: 531821, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > FINANCE - GENERAL > AUDITORS REPORT - Munoth Financial Services

Munoth Financial Services

BSE: 531821|ISIN: INE348D01019|SECTOR: Finance - General
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Nov 13, 16:00
9.70
0.46 (4.98%)
VOLUME 10
Munoth Financial Services is not listed on NSE
Mar 14
Auditor's Report (Munoth Financial Services) Year End : Mar '15
We have audited the accompanying financial statements of MUNOTH
 FINANCIAL SERVICES LIMITED, 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
 
 Basis for Qualified Opinion
 
 The company has not provided for a provision of Rs. 23,138,833/- being
 the diminution in the market value of Quoted Investments held by the
 Company.
 
 In our opinion and to the best of our information and according to the
 explanations given to us, except for the effects of the matter
 described in the Basis of Qualified Opinion Paragraph, the 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:
 
 i.  In the case of the balance sheet, of the state of affairs of the
 Company as at 31 March 2015;
 
 ii.  In the case of the statement of profit and loss, of the loss for
 the year ended on that date; and
 
 iii. 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
 
 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 section143 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 has disclosed the impact of pending litigation on its
 financial position in its financial statements Refer Note No. 25 to its
 financial statements.
 
 (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 been no delay in transferring amounts, required to be
 transferred to the Investor Education and Protection Fund by the
 company.
 
 Annexure (referred to in paragraph 7) Our Report of even date to the
 members of MUNOTH FINANCIAL SERVICES 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) The nature of business of the Company does not require it to have
 any inventory. Hence, the requirement of clause (ii) of paragraph 3 of
 the said Order is not applicable to the Company
 
 (iii) The company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 189 of the Act and accordingly the provisions of the
 clause(iii) of paragraph 3 of the Order are not applicable to the
 Company
 
 (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 not been noticed or reported.
 
 (v) The Company has not accepted any deposits and accordingly the
 provisions of clause (v) of paragraph 3 of the Order are not applicable
 to the company
 
 (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 has generally been 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 the
 following are the details of disputed Income Tax dues with the
 authority concerned
 
                                                         (In Thousands)
 
 NAME OF THE          FORUM WHERE DISPUTE IS PENDING            DISPUTED
 STATUTORY DUES                                                  AMOUNT
 
 Income Tax           Commissioner of Income Tax (Appeals)         58
 
 (c) 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 reporting delay in transferring such
 sums does not arise
 
 (viii) As at 31st March, 2015, the Company has been registered for a
 period more than 5 years; and the Company does not have any accumulated
 loss at the end of the financial year .
 
 The Company has incurred cash losses of Rs. Nil in the current
 financial year and cash losses of 4.62 Lakhs in the immediately
 preceding financial year.
 
 (ix) According to the records of the company examined by us and as per
 the information and explanations given to us, the company has not
 availed of any loans from any financial institution or banks and has
 not issued debentures during the year.
 
 (x) In our opinion, and 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
 
 (xi) In our opinion, and according to the information and explanations
 given to us, the company has not raised any term loans during the year
 
 (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 Mardia & Associates
                                                  Chartered Accountants
                                    Firm''s registration number: 007888S
 
                                                        (Manish Mardia)
 Place: Chennai                                              Proprietor
 Date: 22.05.2015                             Membership number: 205307
Source : Dion Global Solutions Limited
Quick Links for munothfinancialservices
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.