TO THE MEMBERS OF MANPASAND BEVERAGES LIMITED
Reportonthe Indian Accounting Standards (Ind AS) Financial Statements
1. We have audited the accompanying Ind AS financial statements of MANPASAND BEVERAGES
LIMITED ("the Company") , which comprise the Balance Sheet As at March 31,2018,
and the Statement of Profit and Loss (including Other Comprehensive Income) , the Cash
Flow Statement and the Statement of Changes in Equity for the year then ended, and a
summary of the significant accounting policies and other explanatory information
(hereinafter referred to as "Ind AS financial statements")
Managements Responsibility for the Ind AS Financial Statements
2. The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 ("the Act") with respectto the preparation of
these Ind AS financial statements that give a true and fair view of the financial position
(state of affairs) , financial performance including other comprehensive income, cash
flows and changes in equity of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed
under section 133 of the Act read with relevant rules issued thereunder.
3. 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 Ind AS
financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors Responsibility
4. Our responsibility is to express an opinion on these Ind AS 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.
5. We conducted our audit of the Ind AS financial statements 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 whetherthe Ind AS financial statements are free from material
misstatement.
6. An audit involves performing procedures to obtain audit evidence about the amounts
and the disclosures in the Ind AS financial statements. The procedures selected depend on
the auditors judgment, including the assessment of the risks of material misstatement of
the Ind AS financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant to the Companys
preparation of the Ind AS financial statements thatgive a true and fair view in orderto
design audit procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of the accounting policies used and the reasonableness of
the accounting estimates made by the Companys Board of Directors, as well as evaluating
the overall presentation of the Ind AS financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Ind AS financial statements.
Opinion
8. In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid Ind AS 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 (financial
position) of the Company As at March 31,2018 and its Profit (including other comprehensive
income) , its cashflows and the changes in equity for the yearended on that date.
Other Matter
9. The comparative financial information of the Company for the year ended March 31,
2017 prepared in accordance with Indian Accounting Standards, included in these Ind AS
Financial Statements, have been audited by the predecessor auditor. The report of the
predecessor auditor on the comparative financial information dated June 13, 2017 expressed
an unmodified opinion.Our opinion on the Ind AS financial statements is not modified in
respect of the above matter.
Reports on Other Legal and Regulatory Requirements
10. 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 it appears from our examination of those books;
c. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this
Report are in agreement with the relevant books of account;
d. In our opinion, the aforesaid Ind AS financial statements comply with the Indian
Accounting Standards prescribed under section 133 of the Act read with relevant rules
issued thereunder;
e. On the basis of the written representations received from the directors as on March
31, 2018 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31,2018 from being appointed as a director in terms of Section 164 (2) of the
Act;
f. With respectto the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, referto our
separate Report in "Annexure A"; and
g. With respectto 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 has disclosed the impact of pending litigations on its financial
position in its Ind AS financial statements. Refer note no. 32 to the Ind AS financial
statements;
ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts;
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company; and
iv. The disclosures regarding details of Specified Bank Notes held and transacted
during November 8, 2016 to December 30,2016 has not been made since the requirement does
not pertain to financial year ended March 31,2018.
11. 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
"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the
Order.
|
For Mehra Goel & Co. |
|
Chartered Accountants |
|
FRN:000517N |
|
Vaibhav Jain |
| Date:27th June 2018 |
Partner |
| Place: Vadodara |
M.No.: 515700 |
Annexure "A"
To The Independent Auditors Report on The Ind AS Financial Statements of Manpasand
Beverages Limited (Referred to in paragraph 10 (f) under
‘Report on Other Legal and Regulatory Requirementsof our report of even date)
REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING UNDER CLAUSE (I) OF
SUB-SECTION 3 OF SECTION 143 OF
THE COMPANIESACT, 2013 ("THEACT")
1. We have audited the internal financial controls over financial reporting of
MANPASAND BEVERAGES LIMITED ("the Company") as of March 31, 2018 in conjunction
with our audit of the Ind AS financial statements of the Companyfor the year ended on that
date.
Managements Responsibility for Internal Financial Controls
2. The Companys 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 (the
"Guidance Note") 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 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 underthe Companies Act, 2013.
AuditorsResponsibility
3. Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note and the Standards on Auditing prescribed under Section 143(10) of
the Companies Act, 2013, to the extent applicable to an audit of internal 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.
4. 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 auditors judgement, including the assessment of the risks of
material misstatement of the Ind AS financial statements, whetherdue to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
overfinancial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
6. A companys internal financial control overfinancial 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 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 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 authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use or disposition of the
companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
7. 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
8. In our opinion, the Company has, in all material respects, an adequate internal
financial controls system overfinancial reporting and such internal financial controls
overfinancial reporting were operating effectively As at March 31, 2018, based on the
internal control overfinancial 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 Mehra Goel & Co. |
|
Chartered Accountants |
|
FRN:000517N |
|
Vaibhav Jain |
| Date:27th June 2018 |
Partner |
| Place: Vadodara |
M.No.: 515700 |
+91-9892691696
