Mobile Nav

Market

AUDITOR'S REPORT

Martin Burn Ltd.

You can view full text of the latest Auditor's Report for the company.
Market Cap. (₹) 11.62 Cr. P/BV 0.25 Book Value (₹) 88.80
52 Week High/Low (₹) 50/18 FV/ML 10/1 P/E(X) 8.01
Bookclosure 29/08/2019 EPS (₹) 2.81 Div Yield (%) 2.22
Year End :2014-09 
We have audited the accompanying financial statements of MARTIN BURN LIMITED ("the Company"), which comprise the Balance Sheet as at 30th September, 2014 and the Statement of Profit and Loss and Cash Flow Statement for the 15 months period ended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"), read with General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013 and in accordance with the Accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control 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.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 auditors' 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 control relevant to the Company's preparation and fair presentation of the financial statements 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 management, 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.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the financial statements read in conjunction with Schedule 1 to 21 give the information required by the Act in the manner so required and subject to the effects of note nos. 1, 2, 9, 10 & 11 of Schedule 21, give a true and fair view in conformity with the accounting principles generally accepted in India :

a. in the case of Balance Sheet, of the state of affairs of the Company as at 30th September, 2014;

b. in the case of the Statement of Profit and Loss, of the loss for the 15 months period ended on that date; and

c. in the case of the Cash Flow Statement of the cash flows for the 15 months period ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors' Report) only 2003 ("the Order"), as amended, issued by the Central Govt. of India in terms of Sub-Section (4A) of Section 227 of the Act, we enclose in the annexure a statement on the matter specified in paragraph 425 of the Order.

2. As required by section 227 (3) of the Act, we report that :

a. we have 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 Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; except AS 15 as referred to Note No. 8 of Schedule 21, read with General Circular 15/2013, dated 13th September, 2013 by the Ministry of Company Affairs in respect of Section 133 of the Companies Act, 2013.

e. on the basis of written representations received from the directors as on 30th September, 2014 and taken on record by the Board of Directors, none of directors is disqualified as on 30th September, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

The Annexure referred to in paragraph 1 under the heading "report on other legal and regulatory requirements" of our report of even date to the Members of Martin Burn Limited.

1. a. The company has maintained proper records showing full particulars including quantitative details and situations of its fixed assets, which however needs improvement.

b. As explained to us fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies have been noticed on such verification;

c. No substantial part of fixed assets have been disposed off during the period and therefore does not affect the going concern assumption.

2. Construction materials for projects are directly debited to Construction Work - In - Progress as and when purchased. The Inventory has been physically verified by the management during the year as confirmed to us.

3. a. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii (c) and iii (d) of the order are not applicable to the Company.

b. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken any loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses iii (f) and iii (g) are not applicable to the Company.

4. In our opinion and according to information and explanations given to us, there is generally an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventories, fixed assets and with regard to sale of goods and services. During the course of our audit, no major instance of continuing failure to correct any weakness in the internal controls has been noticed;

5. a. According to the information and explanations given to us, particulars of contracts or arrangements that need to be entered into the register maintained in pursuance of Section 301 of the Companies Act, 1956 are not applicable to the company.

b. The transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time are not applicable in view 3 (a) and (b) above.

6. The company has not accepted any deposits from public covered under section 58A, 58AA or any other relevant provision of that Act and rules framed thereunder.

7. The company has an adequate internal audit system commensurate with the size of the Company and nature of its business and has appointed a firm of chartered accountant as its internal auditor.

8. The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 for the company.

9. a. According to the information and explanations given to us and the records of the company examined by us, no undisputed statutory dues outstanding as at 30th September, 2014, for a period of more than six months from the date they become payable.

b. According to the information and explanations given to us and records of the company examined by us, the particulars of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty and Cess, which have not been deposited on account of disputes pending at various forums is mentioned under Serial No. 15 of Schedule no. 21.

10. The Company does not have any accumulated losses as at 30th September, 2014 and has not incurred cash losses in the current and immediate preceding financial year.

11. Based on the information and explanations given to us, the Company has not defaulted during the period in repayment of dues to any financial institutions or banks.

12. According to the information and explanations given to us, the Company has not granted any loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi mutual benefit fund / society. Therefore, the provision of this clause of the Companies (Audit Report) Order, 2003 (as amended) is not applicable to the Company.

14. In our opinion the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of paragraph 4 (xiv) of the aforesaid order are not applicable to the company.

15. The Company has not given any guarantee for the loan taken by others from bank or financial institutions during the period.

16. According to the information and explanations given to us, the term loans raised by the company have been applied for the purpose for which they were raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet and cash flow of the company, we report that no fund raised on short term basis has been used for long term investment.

18. The Company has not issued any debentures. Accordingly, the provisions of paragraph 4 (xix) of the aforesaid order are not applicable to the company.

19. The Company has not raised any money by public issue during the year. Therefore, the provisions of paragraph 4 (xx) of the aforesaid order are not applicable to the company.

20. During the course of our examination of books of account carried out in accordance with generally accepted auditing practices, we have neither come across any instance of fraud on or by the company nor have we been informed of such case by the management.

                                       For D. P. Sen & Co.
                                       Chartered Accountants

22, Ashutosh Chowdhury Avenue,         (D. Bhattacharyya)
2nd Floor, Flat No. 22,                      Partner
Kolkata - 700 019                      Membership No. 012726
Date : 22.01.2015                  Firm Registration No. 301054E

Attention Investors :
Prevent Unauthorised transactions in your account --> Update your mobile numbers/email IDs with your stock brokers. Receive information of your transactions directly from Exchange on your mobile / email at the end of the day .......... Issued in the interest of investors
Attention Investors :
Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL on the same day......................issued in the interest of investors.
Attention Investors :
KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
Attention Investors :
No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.
“Investment in securities market are subject to market risks, read all the related documents carefully before investing”.