-
Margdarshak Financial Services Ltd.118. Dayul Farms,
Guucslipur-Rchmunpur, Chinliut. Dcvu Road, Lucknow-226019
l’h.: +0522-7125400
Website : w\vw.umrgdarshukorg.in ll-mnii :
[email protected] No. U6592|UP1996PLC019924
To, Date: 29.05.2018
The Manager,8513 Limited,
Phirozc J ccj eebhoy Towers,Dalal Street, Mumbai-400001
Subject: Submission of Annual Audited Financial Results and
Auditor’s Report thereon along with
the declaration for audit report with unmodified opinion of the
compamr for the Year ended March
31,2018.
Dear Sir/Ma’am,
Pursuant to Regulation 52 of the SEBI (Listing Obligation and
Disclosure Requirements) Regulations,2015, we are hereby submitting
our Yearly Audited Financial Results and Auditor’s Report thereon
alongwith the declaration from the Managing Director pertaining to
unmodified Auditor’s Report as per CircularNo. CIR/CFD/CMD/56/2016
dated May 27, 2016 for the year 31" March, 2018.
We request you to please take the attached in your record.
Thanking You,
For_Margdarshak Financial Services Limited
flaw/MAnchit Pandey
(Company Secretary)
Scanned by CamScanner
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Umesh K, figrawai 6: CoCHARTERED ACCOUNTANTS
Head Office P 0. Mohibuliapur‘ 643N156 Paltan Chhawani,Near
Engineering College, Shapur Road‘ Lucknow—226 021
Administrative Office : ZOE-A, llnd Floor, Prince Complex,
Hazraiganj,Lucknow - 226001
Branch Office : 1/335, Vibhav Khand, Gomii Nagar. Lucknow-
226010
Phone : (0) 4003138 (R) 2363669, 6444125
e-maii . [email protected] I alok,fca@gmaiicom
Independent Auditors' Report
To the Members of Margdarshak Financial Services Limited
Report on the Financial Statements
We have audited the accompanying financial statements of
Margdarshak FinancialServices Limited ("the
Company"), which comprise the Balance Sheet as atMarch 31, 2018,
the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary ofthe
significant accounting policies and
other explanatory information (collectively referred to as
the“financial statements”)
Management's Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the
mattersstated in Section 134(5) of the Companies
Act, 2013 (”the Act") with respect to the preparationof these
financial statements that give a true and
fair view of the financial position, financial performance and
cash flowsof the Company in accordance
with accounting principles generally accepted in India,
includingthe Accounting Standards specified under
section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules,2014 and the Companies
(Accounting Standards) Amendment Rules,2016. This responsibility
also includes maintenance of
adequate accounting records in accordancewith the provisions of
the Act for safeguarding of the assets
of the Company and for preventing and detecting fraudsand other
irregularities; selection and application
of appropriate accounting policies; making judgmentsand
estimates that are reasonable and prudent;
and the design, implementation and maintenance of
adequateinternal financial control that were
operating effectively for ensuring the accuracyand completeness
of the accounting records, relevant
to
the preparation and presentation of thefinancial statements that
give a true and fair view and are free
from material missmtement, whether due to fraud orerror.
Auditor's Responsibility
Our responsibility is to express an opinion on thesefinancial
statements based on our audit
We have taken into account the provisions of the Act, the
accountingand auditing standards and matters
which are required to be included in the audit report underthe
provisions of the Act and the Rules made
thereunder, to the extent applicable.
We conducted our audit in accordance with the Standards on
Auditing,issued by the institute of Chartered
Accountants of India, as specified under Section 143(10) of the
Act ThoseStandards 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 statemens that give a
true and fair view 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
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 March 31, 2018, its
profit, and its 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, 2016
("the Order") issued by the Central
Government of India in terms of sub-section (11) of Section 143
of the Act, we give in the ‘Annexure
- A", 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 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
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 Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules,
2014 and the Companies (Accounting Standards) Amendment Rules,
2016.
(e) 0n 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 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 - B".
(g) 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, 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 for
which there were any material foreseeable losses.
Hi There were no amounts which were required to be transferred
to the investor Education
and Protection Fund by the Company.
For Umesh K. Agrawal & Co.
Chartered Accountants
Membership No.: 425212
Place: Lucknow
Date: May 24,2018
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l‘Annexure — A" referred to in paragraph 1 under the heading
”Report on Other Legal and
Regulatory Requirements” of our report of even date on the
financial statements of
Margdarshak Financial Services Limited (’the Company') as at and
for the year ended March
31, 2018
(3)
(ii)
(iii)
(M
(V)
(vi)
(vii)
(a) The Company has maintained proper records showing full
particulars, including quantitativedetails and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management
during the year and no material
discrepancies were identified on such verification.
(c) According to the information and explanations given by the
management, there are no
immovable properties included in fixed assets of the Company and
accordingly the requirements
under clause 3(illc) of the Order are not applicable to the
Company.
The Company‘s business does not involve inventories and,
accordingly, the requirements under
paragraph 3 (ii) of the Order are not applicable to the Company
and hence not commented upon.
According to the information and explanations given to us, the
Company has not granted any loans,
secured or unsecured to companies, firms or other parties
covered in the register maintained under
section 189 ofthe Companies Act, 2013. Accordingly, the
provisions of clause 3(iii) (a) and (h) of the
Order are not applicable to the Company and hence not commented
upon.
In our opinion and according to the information and explanations
given to us, there are no loans,
investments, guarantees, and securities given in respect of
which provisions of section 185 and 136
of the Companies Act, 2013 are applicable and hence not
commented upon.
According to the information and explanations given to us, the
company has not accepted any
deposit from the public. Therefore, the provisions of Clause (v)
of paragraph 3 of the Order are not
applicable.
The Central Government has not specified the maintenance of cost
records under clause 148(1) of
the Companies Act, 2013, for the services rendered by the
Company.
(a) Undisputed statutory dues including Income—tax, goods and
service tax, and other material
statutory dues have been generally regularly deposited with the
appropriate authorities. According
to the information and explanations given to us, no undisputed
amounts payable in respect of
income~tax, goods and service tax and other material statutory
dues were outstanding, at the year
end, for a period of more than six months from the date they
became payable.
-
(viii)
(iXi
(X)
(xi)
(xii)
(xiii)
(xiv)
(XV)
(b) According to the information and explanations given to us,
there are no dues of income tax and
goods and service tax which have not been deposited on account
of any dispute.
In respect of sub clause (vii) (a) to (vii) (b) above, the
Company did not have any dues towards
wealth—tax, sales-tax, customs duty, excise duty, value added
tax and cess during the year.
In our opinion and according to the information and explanations
given by the management, the
company has not defaulted in repayment of loans or borrowings to
any financial institution, bank
or government or dues to debenture holders.
According to the information and explanations given by the
management, the Company has notraised any money by way of initial
public offer or further public offer, hence not commented upon.
Further, monies raised by the Company by way of term loans were
applied for the purpose forwhichthose were raised, though
idle/surplus funds which were not required for immediate
utilization
were gainfully invested in liquid assets payable on demand.
The company has provided disclosures in Note 25.16 in the
financial statements as to the fraud
cases noticed / reported during the year. As on March 31, 2018,
an amount of Rs. 1,75,871/- has
been written off by the company on account of fraud by employees
who violated the policies byeither engaging third party for
disbursements or by misappropriating the collection amount.
According to the information and explanations given by the
management, the managerial
remuneration has been paid / provided in accordance with the
requisite approvals mandated by the
provisions of section 197, read with Schedule V to the Act.
The company is not a Nidhi company. Therefore, the provisions of
clause 3 (xii) of the order are not
applicable to the company and hence not commented upon.
According to the information and explanations given by the
management, transactions with the
related parties are in compliance with section 177 and 188 of
the Companies Act, 2013 where
applicable and the details have been disclosed in the notes to
the financial statements, as required
by the applicable accounting standard.
The Company has not made any preferential allotment or private
placement of shares or fully or
partly convertible debentures during the year under review.
Accordingly, the provisions of clause
3(xiv) are not applicable to the company and hence not commented
upon.
According to the information and explanations given by the
management, the company has not
entered into any non-cash transactions with the directors or
persons connected with him as
referred to in section 192 of the Companies Act, 2013.
-
(xvi) According to the information and explanations given to us,
we report that the Company has
registered as required, under section 45-IA of the Reserve Bank
of India Act, 1934.
For Umesh K. Ayawal & Co.
Chartered Accountants’
's Re_istr_. ,
Membershlp No.: 425212
Place: Lucknow
Date: May 24,2018
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“Annexure — B" referred to In paragraph 2(f) under the heading
"Report on Other Legal and
Regulatory Requirements" of our report of even date on the
financial statements of
Margdarshak Financial Services Limited (’the Company') as at and
for the year ended March
31, 2018
Report on the internal Financial Controls under (Jause (I) of
Sub-section 3 of the Section 143 of the
Companies Act, 2013 ("the Act")
We have audited the internal financial controls overfinancial
reporting of Margdarshak Financial Services
Limited (“the Company”) as of March 31, 2018 in conjunction with
our audit of the financial statements
of the Company for the year ended on that date.
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. 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 the 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 Act.
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
as specified under section 143(10) of the Act, to the extent
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 requirethat we comply with ethical requirements
and plan and perform the auditto 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 judgement, 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'
Wandacontrols system over financial reporting.
6
-
Meaning of Internal Financial Controls Over Financial
Reporting
A company‘s internal financial controi 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 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 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
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 ofcollusion 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 March 31, 2018, 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 Umesh K. Agrawal 8- Co.
Chartered Accountants
Firm's Re- is
Membership No.: 425212
Place: Lucknow
Date: May 24,2018
-
Margdarshak Financial Services Ltd.
118,Dayal Farrns,Ganeshpur-Rehmanpur,Chinhat-Deva Road, Lucknow-
226 019, Uttar Pradesh
BALANCE SHEET AS ON 315! MARCH 2018
(All amouns in (it) unless otherwise stated)As at As at
Notes March 31, 2018 March 31, 2017
No. (a) (t)
l. EQUITY AND LIABILWIES
Shareholders funds
Share Capital 3 17,46,49,580 17,53,99,580
Reserves & Surplus 4 15,68.60,358 11.11.36.512
33,15,093” 28.65.36.092
Non-current liahllltles
Term Loan borrowings 5 1,43,09,90,502 1,09,15,12,993
Long Term Provisions 6 1,20,00,731 57,16,007
1.44.29.91.23?) 1.09.72.29.00!)
Current Liahllities
Term Loan borrowings 5 1,10,67,62,862 1,25,83,13,].86
Other Current liabilities 7 8,95,48,027 3,72,30,375
Short-term provisions 8 2,38,96,924 1,93,49,622
1,22,02,07.813 1,31,48,93,683
TOTAL 2,99,47,0838‘ 2,69,86,58J75
II. ASSETS
Non-current assets
Property, Plant 81 Equipment 9 3,40,15,186 3,23,48,538
Deferred tax asset 10 41,89,014 13,35,223
Long term loans and advances 11 1,02,54,21,605 71,59,69,456
other non-current assets 12 241959.651 25,13,20,426
1,30,65,95,!56 1,00,10,23,648
Current Assets
Cash and Bank Balances 13 13,06,11,358 23,59,82,010
Short term loans and advances 11 1,31.79,27,299
1.25,48,68,499
other current assets 14 2335,7437: 20,67,84,618
1,68,81,13528 1,69,76,35,127
TOTAL 1.99.47.08.984 2.69.86.58.775
Summary of significant accounting
policies 2
The accompanying notes are an integral part of the financial
statements
As per our report of even date
For Umesh K. Agrawal & Co. For and on behalf of the Board of
Directors of
charte d Ann 1', Marzdarshall Flnantial Servlces Umlted
@RSW/r
C/
,
\
( hul 1. MI )
MD & CEO
Place: Lucknow @WDate: 24'“ May, 2013 (An: It Pandey)Company
Secretary
Balance Sheet
-
MARGDARSHAK FINANCIAL SERVICES LIMITED
118, Dayal Farms, Ganeshpur-Rehmanpur, Chlnhat-Deva Road,
Lucknow-226019 (U.P.)
Audlted Financial Results for the year ended 315t March,
2013
(Amt. in Rs.)
STATEMENT OF PROFIT 81 L055 ACCOUNT
Half Year Half Year Year ended d
Particulars ended March ended March March 31, 1113::
13:1831,2018 31, 2017 2018
'
(Unaudited) (Unaudited) (Audlted) (Audited)
Revenue From Operations
305,144,550 266,713,963 582,379,444 477,635,823
Revenue From Operations
41,965,651 17,744,134 63,767,555 30,686,891
Other Income
Expenses
Employee Benefit Expense59,997,209 59,746,981 122,725,801
97,724,253
Finance Cost170,258,328 155,174,129 333,070,422 281,788,086
r. .
. .
Dep ec'at'on and Ammuam"16,067,875 10,277,137 27,741,591
19,156,628
Expenses
67,928,019 28,207,662 95,109,701 52,162,501
Other Expenses
Pr '10 r ta d dan Non°‘"5 "f0 S " N d5,471,382 2,403,426
9,568,727 7,715,615
Performing Assets
Profit before Tu 27,387,388 28,648,762 57,930,757 49,775,631
Tax Expenses 10,718,107 8,283,235 19,151,654 15,337,654
Cunent Tax 11,451,189 8,091,739 21,955,440 16,145,775
Deferred Tax (733,082) 191,496 (2,803,786) 808,121
16,669,281 20,365,527 38,779,103 34,437,977
Net Profit(loss) for the Period
FOB MARGDARSHAK FINANCIAL SERVICES LIMITED _‘
Ax'\
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Notes:
1. The above financial results were reviewed by the Audit
Committee and approved by the Board ofDirectors at its meeting held
on 28th May, 2018. The Statutory auditors of the Company have
carriedout an audit of the financial results for the year ended
31st March, 2018 ad their report is being filedwith the Bombay
Stock Exchange (BSE) and is also available on Company’s
website.
2. The figures for the half year ended 31st March 2018 and 31st
March 2017as reported in thesefinancial results are the balancing
figures between audited figures in respect of the full
financialyear and the published year to date figures for the six
months ended 30th Sep 2017 and 30th
September 2016 respectively.
3. During the year ended 31st March, 2018, the company has
issued Non-Convertible Debenturesaggregating to Rs.20.00 Crores by
way of private placement. These debentures are listed on
BSELimited.
-
To,The Manager,BSE Limited,Phiroze Jeejeebhoy Towers,Dalal
Street, Mumbai-400001
Subject: Declaration with respect to unmodified Auditor’s Report
for the year ended March,2018 as per Circular No.
CIR/CFD/CMD/56/2016 dated May 27, 2016.
Dear Sir/Ma’am,
This is with reference to the circular no. CIR/CFD/CMD/56/2016
dated May 27, 2016 onDisclosures of the Impact of Audit
Qualifications by the Listed Entities we hereby declare that
theAuditor’s Report dated May 24, 2018 of the company for the Year
ended March 31, 2018 is havingunmodified opinion and having no
adverse observation.
We request you to please acknowledge the receipt.
Thanking You
For Margdarshak Financial Services Limited
Rahul J. Mittra(Managing Director)
L021_lenovoTypewritten Text
L021_lenovoTypewritten TextDate: 29.05.2018
-
To,
a.
b.
Margdarshak Financial Services Ltd.“8. Dnyul Farms.
Gnncsbpur-Rehmnnpur. Chlnlmt, Dcvu Road. Lucknow-226019
l’ll.: +0522-7l25400Website : \vww.mnrgdnrslmkorgdn
Dear Sir / Madam,
Subject: Half Yearly communication for Debt Securities in
respect of half year ended 31"
March, 2018.
With reference to the above, we submit herewith the information
and documents as per theprovisions of SEBI (Issue & Listing of
Debt Securities) Regulations, 2008 and SEBI (Listing
Obligation & Disclosure Requirement) Regulations, 2015, as
mentioned below:
E-mnil : mnrgdnrshukao®gmuil.comClN N0.
U6592lUl’l996PLC019924
lDBI Trusteeship Services Limited,Asian Building, Ground
Floor,
17, R1 Knmani Marg, Ballard Estate
Mumbai-40000l
Credit rating in respect ofNCDs issued is BBB stable and is
effective till date.
Asset cover available is 110%
cht~equity ratio is 7.66 times.
Previous due date for the payment of interest and actual date
ofpayment of interest on non-convertible debt securities is as
under:
S.No. Date of Issue NCD Amount Actual due Last interest
date of interest paid Date1. 31-July-2017 Rs. 20.00 Crore
08/02/2018 08/02/2018 I
Next due date for the payment of interest on Non-Convertible
debentures payable and theredemption amount.
S.No. Date of NCD Next interest Redemption AmountIssue Amount
payment date date
1. 31-July- Rs. 20 Crore 08/08/2018 August 08 Rs 20
Crore20172022
' '
i
L021_lenovoTypewritten Text
L021_lenovoTypewritten TextDate: 28.05.2018
-
if Debenturc Redemption Reserve: Not Applicableg. Net worth —
Rs. 33,]5,09,938/—
11. Net profit after tax — Rsi 3,87,79, Will-
i. Enmings per share — Basic: Rs. 2.34/- Diluted: Rs. 2.22/-
Kindiy take the same on your record.
Countersigned By:
Thanking You‘
For Margdarshak Fi- , r rwces Limited For IDBI Trusteeship
Services Limited
‘ / 2;.Anchit Pandey
.'
‘3‘WM(Company Secretary
(Authorized Signatory)
