To The Members of Maks Energy Solutions India limited
Report on the Audit of the Standalone financial statements:
Opinion
We have audited the accompanying Standalone financial statements of Maks Energy
Solutions India limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2021, the Statement of Proht and Loss, the Statement of Cash Flows for the year
ended on that date, and a summary of the significant accounting policies and other
explanatory information (hereinafter referred to as "the Standalone financial
statements").
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid Standalone 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 Accounting Standards prescribed under section 133 of
the Act and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2021, the profit and its cash flows for the year
ended on that date.
Basis for opinion
We conducted our audit of the Standalone financial statements in accordance with the
Standards on Auditing specified under section 143(10) ot the Act (SAs). Our
responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit ot the Standalone financial statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (ICAT) together with the independence
requirements that are relevant to our audit of the Standalone financial statements under
the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAIs Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion on the Standalone financial statements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Standalone financial statements of the current period.
These matters were addressed in the context of our audit of the Standalone financial
statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Reporting of Key Audit matters as per SA 701 is not applicable to Companies which are
not listed, therefore no such rcntisiisiiL is applicable to the Company.
Information Other than the Standalone financial statements and Auditors Report Thereon
The Companys Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the; Boards
Report including Annexure to Boards Report, Shareholders Information; but does not
include the Standalone financial statements and our auditors report thereon.
Our opinion on the Standalone financial statements docs not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the Standalone financial statements or our knowledge
obtained during the course of our 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.
Managements Responsibility for the Standalone financial statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these Standalone financial statements
that give a true and fair view of the financial position, financial performance and cash
(lows of the Company in accordance with the Accounting Standards and other accounting
principles generally accepted in India. 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 Standalone financial statements that give a true and
fair view and arc free from material misstatement, whether due to fraud or error.
In preparing the Standalone financial statements, management is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters 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 alternative but to do
so.
The Board of Directors are responsible for overseeing the Companys financial reporting
process.
Auditors Responsibiliues for die Audit of the Standalone financial statements
Our objectives are to obtain reasonable assurance about whether the Standalone
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors rcpetf^thiu 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 the economic decisions of users taken on the basis of
these Standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
1. Identify and assess the risks of material misstatement of the Standalone financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
2. Obtain an understanding of internal financial controls relevant to the audit in
order to design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
3. Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
4. Conclude on the appropriateness of managements use of the going concern 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 Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attenuon in our auditors report to the related disclosures in the
Standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
5. Evaluate the overall presentation, structure and content of the Standalone financial
statements, including the disclosures, and whether the Standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the Standalone financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Standalone 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 of
any identified misstatements in the Standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical require diirding 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 governance, wc determine those
matters that were of most significance in the audit ot the Standalone financial statements
of the current period and are therefore the key audit matters. We describe these matters
in our auditors 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 report 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 Regulatorv Requirements
1. As required by Section 143(3) of the Act, based on our audit 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 it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow
dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid Standalone 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 the written representations received from the directors as on March
31, 2021 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2021 from being appointed as a director in terms of Section 164 (2) of the
Act.
f) 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 "Anncxure A". Our report expresses an unmodified opinion on
the adequacy and operating effectivenessof the Companys internal financial controls over
financial reporting.
g) With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act read with schedule V of the
Companies Act 2013.
h) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in
our opinion and to the 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.
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.
2. As required by the Companies (Auditors Report) Order, 2016 ("the Order")
issued by the Central Government in terms of Section 143(11) of the Act, we give in
"Anncxure B" a statement on the matters specified in paragraphs 3 and 4 of the
Order.
|
For R KJagetiya & Co, |
|
(Ifluttered Accountants |
|
J?*&:*146264W |
|
Jagctiya |
| Place: Mumbai |
Proprietor |
| Date : 07th September, 2021 |
No.: 134691 |
|
UDIN 21134691AAAAFN2169 |
Annexure "A" to the Independent Auditors Report
(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulator)
Requirements section of our report to the Members of Maks Energy Solutions India Limited
of even date)
Report on the Internal Financial Controls
Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Maks Energy
Solutions India limited ("the Company") as of March 31, 2021 in conjunction with
our audit of the Standalone financial statements of the Company for the year ended on that
date.
Managements Responsibility for Internal Financial Controls
The Board of Directors of the Company 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. 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 respective companys 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 internal financial controls over
financial reporting of the Company 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") issued by the Institute of Chartered Accountants
of India and the Standards on Auditing prescribed under Section 143(10) of the Companies
Act, 2013, to the extent applicable to an audit of interna! financial controls. 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 matenal weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. Ihe
procedures selected depend on the auditors judgment, including the assessment of the
risks of material misstatement of the Standalone 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 tor our audit opinion on the internal financial controls system over
financial reporting of the Company.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of Standalone financial statements for external purposes in accordance with
generally accepted accounting principles. A companys 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 arc recorded as necessary to permit preparation of Standalone
financial statements in accordance with generally accepted accounung 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
disposiuon of the companys assets that could have a material effect on the Standalone
financial statements.
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 arc 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, to the best of our information and according to the explanations given
to us, 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 March 31, 2021, 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 R K Jagetiya & Co, |
|
-t--^ Accountants |
|
146264W |
|
.CAd?B4K i K Jagetiya |
| Place: Mumbai |
Proprietor |
| Date : 07lh September, 2021 |
M. No.: 134691 |
Annexure "B" to the Independent Auditors Report
(Referred to in paragraph 2 under ‘Report on Other IxgaJ and Regulator)-
Requirements section of our report to the Members of Maks Energy Solutions India lamited
of even date)
(i) (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
(b) The Company has a regular program of physical verification of its fixed assets by
which fixed assets are verified in a phased manner over a period of one year. In
accordance with this program, 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) According to the information and explanauons given to us and on the basis of our
examination of the records of the company, there is no immovable properties owned by the
company, therefore the reporting requirement under this sub clause is not applicable to
the Company.
(ii) The inventory has been physical verified at reasonable intervals by the management
during the period. The discrepancies notice on physical verification, as compared to the
book records, were not material and have been properly dealt with in the books of
accounts.
(iii) According to the information and explanations given to us, during the year the
Company has not granted any unsecured loans to any party covered in the register
maintained under section 189 of the Companies Act, 2013. Hence, Para (a), (b) and Para(c)
is not applicable.
(iv) In our opinion and according to the information and explanations given to us, the
Company has complied with provision of section 185 and 186 of Act, with respect to the
loan and investments made as at the end of year.
(v) The Company has not accepted any deposits from the public.
(vi) The Company is engaged into rendering of Manufacturing and trading, however
requirement with respect to maintenance of the cost records as specified by the Central
Government under sub-section (1) of section 148 of the Companies Act are not applicable.
(vii) (a) According to the information and explanations given to us and on the basis of
our examination of the records , the Company is regular in depositing undisputed statutory
dues including provident fund, income tax, GST, cess and other material statutory dues
with the appropnate authorines.
(b) According to the information & explanauon given to us and books and records
examined by us there are no undisputed amount payable in respect of Income Tax, Sales Tax,
Custom Duty, Excise Duty1 outstanding as at 31st March 2021, for a period exceeding Six
months from the date they become payable.
(viii) Based on information and explanation provided by the management of Company, The
Company has not defaulted in repayment of loans and borrowings to a financial institution
and Banks.
(ix) The company has not raised moneys by way of initial public offer or further public
offer (including debt instrument) and term loans during the year.
(x) According to the information and explanations given to us, no material fraud on or
by the Company has been noticed or reported during the course of our audit.
(xi) According to the information and explanations given to us and based on our
examination of the record of the Company, the company has paid / provided for managerial
remuneration in accordance with provisions of section 197 read with schedule V of the act.
(xii) In our opinion and according to the information and explanations given to us, the
company is not Nidhi Company. Accordingly paragraph 3(xii) of Order is not applicable.
(xiii) According to the information and explanations given to us and based on our
examination of the record of the Company, transactions with related parties are in
compliance with sections 177 and 188 of the Act wrhere applicable and the details have
been disclosed in the financial statements as required by the annlicable accounting
standards.
(xiv) The company has not made preferential allotment or private placement of equity
shares during the year. The company has not made preferential allotment or private
placement of fully or partly convertible debentures during the year under review.
(xv) According to the information and explanations given to us and based on our
examination of the record of the Company, the company has not entered into any non-cash
transactions with directors or persons connected with him.
(xvi) The company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934.
|
For R K Jagetiya & Co, |
|
Accountants |
|
13K Jagetiya |
| Place: Mumbai |
Proprietor |
| Date : 07lh September, 2021 |
M. No.: 134691 |
+91-9892691696
