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मंगलम टिम्बर प्रोडक्ट्स

बीएसई: 516007  |  NSE: MANGTIMBER  |  ISIN: INE805B01012  |  Miscellaneous

खोजें मंगलम टिम्बर प्रोडक्ट्स कनेक्शन Mar 15
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '16

We have audited the accompanying financial statements of MANGALAM TIMBER PRODUCTS LIMITED, which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit & Loss and the Cash Flow Statement for the year ended on that date 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 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 the Companies (Accounts) Rules, 2014. This responsibility also 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; and design, implementation and maintenance of adequate internal financial controls, 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 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 the 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 the accounting policies used and the reasonableness of the accounting estimates made by the 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, of the state of affairs of the Company as at 31st March, 2016, and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by Companies (Auditors Report) Order, 2016 (''''the order'''') issued by the Central Government of India in terms of Sub Section (11) of Section 143 of the Act on the matters specified in paragraph 3 and 4 of the said order, we further report that-

i) a) The Company is maintaining proper records showing full particulars including quantitative details and situation of Fixed Assets.

b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

c) The title deeds of immovable properties, as disclosed in Note 2.10 on Fixed Assets to the financial statements, are held in the name of the company, except for

Total number of cases

Whether leasehold/ freehold

Gross Block (Rs. in lacs)

Net Block (Rs.in lacs)

Remarks

1

Freehold

1.94

1.94

-

ii) The management has conducted physical verification of inventory during the year at reasonable intervals. The discrepancies between the physical stock and book records which were material in respect of certain items of inventories, have been properly dealt in the books of account.

iii) a) The company has not granted any loans, secured or unsecured to companies, firms Limited Liability Partnership or other parties covered in the register maintained under section 189 of Companies Act, 2013.

b) Clause (iii)(a), (b), (c) of the aforesaid order are not applicable.

iv) In our opinion and according to information and explanations given to us, the company has not granted any loan or provided any guarantee or security to the parties covered under section 185 of the Act. In our opinion and according to information and explanations given to us, the Company has complied with provisions of section 186 of the Act in respect of investment made and guarantee or security provided.

v) The Company has not accepted any deposits from the public within the provisions of section 73 to 76 or any other relevant provisions of the Act and rules framed there under.

vi) The Central Government of India has not prescribed the maintenance of cost records under section 148(1) of the Act in respect of any product of the Company.

vii) a) According to the records of the company examined by us and according to the information and explanations given to us, in our opinion the company has not been regular in depositing undisputed statutory dues including Provident Fund, employees state insurance, income tax, sales tax, Service tax, duty of customs, duty of excise, value added tax, and any other material statutory dues as may be applicable. However, extent of arrears of outstanding statutory dues as at the last day of financial year for a period of more than six months from the date is NIL.

viii) According to the information and explanations given to us, the company has not defaulted in repayment of any dues to financial institutions, banks, Government and debenture holders as at the Balance Sheet date.

b) According to the records of the company examined by us and according to information and explanations given to us, there are no dues in respect of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax which have not been deposited on account of any dispute except as detailed hereunder:

Name of the Statute

Nature of the Dues

Period to which it relates

Rs. in Lacs

Forum where dispute is pending

Central Excise Act, 1944

Central Excise

1993-94

3.49

Assistant Commissioner Central Excise Customs & Service Tax

Central Excise

1988-92

126.57

Customs, Excise & Service Tax Appellate Tribunal

Central Excise

2006-07

5.76

Customs, Excise & Service Tax Appellate Tribunal

Finance Act, 1994

Service Tax

2009-10

52.21

Customs, Excise & Service Tax Appellate Tribunal

Bihar & Orissa Excise Act, 1915

State Excise

2002-03

21.39

Odisha High Court

State Excise

2003-04

135.75

Odisha High Court

State Excise

2004-05

170.90

Odisha High Court

State Excise

2005-06

251.58

Odisha High Court

State Excise

2006-07

267.53

Odisha High Court

State Excise

2007-08

120.37

District Magistrate & Collector, Nabarangpur

State Excise

2008-09

103.20

District Magistrate & Collector, Nabarangpur

State Excise

2009-10

96.60

District Magistrate & Collector, Nabarangpur

State Excise

2010-11

57.60

District Magistrate & Collector, Nabarangpur

West Bengal Sales Tax Act, 1941

Sales Tax

1986-87

0.16

Commissioner Commercial Taxes

Sales Tax

1987-88

0.06

Commissioner Commercial Taxes

Sales Tax

1993-94

0.33

Commissioner Commercial Taxes

Central Sales Tax Act, 1956

Sales Tax

1987-88

0.05

Commissioner Commercial Taxes

Sales Tax

1994-95

0.72

Deputy Commissioner Commercial Taxes

Sales Tax

2000-01

93.56

Sales Tax Tribunal, Odisha

Sales Tax

2001-02

110.00

Sales Tax Tribunal, Odisha

Sales Tax

2002-03

70.12

Sales Tax Tribunal, Odisha

Sales Tax

2003-04

135.66

Sales Tax Tribunal, Odisha

Sales Tax

2004-05

30.22

Sales Tax Tribunal, Odisha

Odisha Entry Tax Act, 1999

Entry Tax

2000-01

8.11

Sales Tax Tribunal, Odisha

Entry Tax

2002-03

28.35

Sales Tax Tribunal, Odisha

Odisha Sales Tax Act, 1947

Sales Tax

2002-03

1.85

Sales Tax Tribunal, Odisha

Odisha VAT Act, 2004

VAT

2005-06

17.20

Sales Tax Tribunal, Odisha

VAT

2007-09

14.96

Sales Tax Tribunal, Odisha

ix) The Company has not raised any moneys by way of initial public offer, further public offer (Including debt instruments) and term loans. Accordingly, the provisions of Clause 3(ix) of the Order are not applicable to the Company.

x) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the Management.

xi) The Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the 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 Act 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 allotment 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 3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

Report on Other Legal and Regulatory Requirements

As required by Section 143 (3) of the Act, we report that:

1. 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.

2. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

3. 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.

4. 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.

5. On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.

6. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure A; and

7. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

a) The Company has disclosed the impact of pending litigations on its financial position in its financial statements-Refer Note 2.25 to the Financial Statements.

b) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

c) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March, 2016.

We have audited the internal financial controls over financial reporting of Mangalam Timber Products Limited (the Company) as at 31 March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act”)

Management''s Responsibility for Internal Financial Controls

The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal 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 of reliable financial information, as required under the Companies Act, 2013.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal 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 internal financial controls, both applicable to an audit of Internal 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 internal 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 internal control based on the assessed risk. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For S M DAGA & CO.

Chartered Accountants

Firm Registration Number: 303119E

J M DAGA

Partner

Membership No.052489

Dated: 25th May, 2016

Place: Kolkata

स्रोत: रेलीगरे टेचनोवा

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