Mar 31, 2019
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying standalone Ind AS financial statements of Creative Castings Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and 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 âthe standalone Ind AS financial statementsâ).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Companies Act, 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (âInd ASâ) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, the profit , total comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Standalone Ind AS 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 (ICAI) together with the independence requirements that are relevant to our audit of the standalone Ind AS financial statements under the provisions of the Act and the Rules made there under and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIâs 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 Ind AS 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 Ind AS financial statements of the current period. These matters were addressed in the context of our audit of the standalone Ind AS financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined that there is no any Key Audit Matters to be communicated in our report.
Information Other than the Standalone Financial Statements and Auditorâs Report Thereon
The Companyâs Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boardâs Report including Annexures to Boardâs Report, Business Responsibility Report, Corporate Governance and Shareholderâs Information, but does not include the standalone Ind AS financial statements and our auditorâs report thereon.
Our opinion on the standalone financial Ind AS statements does 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.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS 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 are free from material misstatement, whether due to fraud or error.
In preparing the standalone Ind AS financial statements, management is responsible for assessing the Companyâs 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 Companyâs financial reporting process.
Auditorâs Responsibilities for the Audit of the Ind AS 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 auditorâs report that 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 Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Ind AS 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.
- 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.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of managementâs 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 Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs 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 auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the disclosures, and whether the standalone Ind AS 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 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 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 requirements regarding 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, we determine those matters that were of most significance in the audit of the standalone Ind AS financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs 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 Regulatory 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 Statement of Cash Flow dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Ind AS 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, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2019 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 âAnnexure Aâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditorâs 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.
h) With respect to the other matters to be included in the Auditorâs 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 statements.
ii. The Company did not have any long term contracts including derivative contracts; for which there where any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
2. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Bâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
ANNEXURE âAâ TO THE INDEPENDENT AUDITORâS REPORT
(Referred to in paragraph 1(f) under âReport on Other Legal and Regulatory Requirementsâ section of our report to the Members of Creative Castings 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 (âthe Actâ)
We have audited the internal financial controls over financial reporting of CREATIVE CASTINGS LIMITED (âthe Companyâ) as of March 31, 2019 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Managementâs 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 ( âICAIâ ). 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 companyâs 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.
Auditorâs 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 âGuidance Noteâ) 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 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.
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 auditorâs 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 internal financial controls system over financial reporting of the Company.
Meaning of Internal Financial Controls Over Financial Reporting
A companyâs 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 companyâs 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 companyâs assets that could have a material effect on the 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 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, 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, 2019, 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.
ANNEXURE âBâ TO THE INDEPENDENT AUDITORâS REPORT
(Referred to in paragraph 2 under âReport on Other Legal and Regulatory Requirementsâ section of our report to the Members of Creative Castings Limited of even date)
1. In respect of its Fixed Assets :
a) The Company has maintained proper records showing full particulars including quantitative details and situations of its fixed assets.
b) The fixed assets have been physically verified by the management at reasonable intervals ; no material discrepancies were noticed on such verification.
c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of the immovable properties are held in the name of the Company.
2. In respect of its Inventories:
a. As explained to us, physical verification of Inventory has been conducted at reasonable intervals by the management; and
b. No material discrepancies were noticed on physical verifications of stocks by the management as compared to the books records.
3. The Company, has not granted any loans, secured or unsecured, to Companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.
a. As stated above, no such loan has been granted by the Company hence clause (a) related to terms and condition of loans is not applicable.
b. As stated above, no such loan has been granted by the Company hence clause (b) related to repayment of loan and interest are also not applicable.
c. As stated above, no such loan has been granted by the Company hence clause (c) related to overdue amount more than 90 days is also not applicable.
4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.
5. The Company has not accepted any deposits during the year and does not have any unclaimed deposits as at March 31, 2019 and therefore, the provisions of the clause 3 (v) of the Order are not applicable to the Company.
6. The maintenance of cost records has not been specified by the Central Government under section 148(1) of the Companies Act, 2013 for the business activities carried out by the Company. Thus reporting under clause 3(vi) of the order is not applicable to the Company.
7. a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, ESIC, income-tax, sales tax, service tax, duty of custom, duty of excise, value added tax, cess and other material Statutory dues to the appropriate authorities.
According to the information and explanations given to us and based on the records of the Company examined by us, no undisputed amount of statutory dues were outstanding, as at 31st March, 2019 for a period of more than six months from the date they became payable.
b) According to the information and explanations given to us and based on the records of the company examined by us, there are no material dues of provident fund, ESIC, Income-Tax, , Sales-Tax, Value Added Tax, Service-Tax, Custom Duty and Excise Duty which have not been deposited with the appropriate authorities on account of any dispute.
8. The Company does not have any loans & borrowing from any financial institutions, banks, government or debenture holders during the year. Hence paragraph 3(viii) of the order is not applicable to the Company.
9. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly paragraph 3(ix) of the order is not applicable to the Company.
10. During the course of 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 instances of fraud by the Company or any fraud on the Company by its officers or employees has been noticed or reported during the year, nor have been informed of any such instance by the management.
11. In our opinion and according to the information and explanations given to us and based on the examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provision of section 197 read with schedule V of the Act.
12. 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 to the Company.
13. In our opinion and 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 Ind AS Financial Statements as required by the applicable accounting standards.
14. According to the information and explanations given to us and based on our examination of the records of the Company, during the year the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause 3(xiv) of the Order is not applicable to the Company.
15. In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of the Company, during the year the Company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
16. According to the information and explanations given to us, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Place : Junagadh
Date : 23rd May, 2019
For H. R. Dewani & Co. ,
Firm Registration No. 140668W
Chartered Accountants
Sd/-
Hetal R. Dewani
Proprietor
M. No. 164955
Mar 31, 2018
CREATIVE CASTINGS LIMITED INDEPENDENT AUDITORS'' REPORT
To,
The Members of CREATIVE CASTINGS LTD.
Report on the Financial Statements
We have audited the accompanying Ind AS Financial Statements of CREATIVE CASTINGS Limited (âthe Companyâ) which comprise of the Balance Sheet as at 31st March - 2018, 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 significant accounting policies and other explanatory information, ( hereinafter referred to as âInd AS Financial Statementsâ ).
Managementâs Responsibilities for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to preparation of these Ind AS financial statements that give a true and fair view of the financial position, profit or loss ( including Other Comprehensive Income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India the Indian Accounting Standards ( Ind AS) specified under Section 133 of the Companies Act, 2013 (âthe Actâ). read with relevant Rules issued there under. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the fraud 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 and ensuing their operating effectiveness and 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.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.
While conducting the audit, we have taken into account the provision of the Act, the accounting and auditing standard and Matters which are required to be included in the audit report under the provision 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 Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Ind AS financial statements. The procedure selected depend on the auditorsâ 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 companyâs preparation of the Ind AS financial statements that give true and fair view in order to design audit procedure that are appropriate in the circumstances. An audit also include evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Companyâs Directors, as well as evaluating the overall presentation of the Ind AS 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 Ind AS financial statements.
Opinion
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 and the Ind AS, of the state of affairs (financial position) of the Company as at March, 2018 and its profit (financial performance including other comprehensive income ) its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of section 143 (11) of the Act, we give in the âAnnexure - Aâ, a statement on the matters specified in paragraphs 3 and 4 of the Order , to the extent applicable.
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 purpose of our audit;
b) In our opinion, proper book 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 Statement of Changes in Equity and Cash Flow Statement dealt with by this Report are in agreement with the Books of Account;
d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards specified under section 133 of the Act and rules made there under, as applicable;
e) On the basis of 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 âAnnexure - Bâ; and
g) With respect to other matters to be included in the Auditorsâ 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:
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;
iii) there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
The Annexure referred to in Independent Auditorsâ Report to the members of the Company on the financial statements for the year ended on 31st March, 2018, we report that:
1. In respect of its Fixed Assets :
a) The Company has maintained proper records showing full particulars including quantitative details and situations of its fixed assets.
b) The fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.
c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of the immovable properties are held in the name of the Company.
2. In respect of its Inventories:
a) As explained to us, physical verification of Inventory has been conducted at reasonable intervals by the management; and
b) No material discrepancies were noticed on physical verifications of stocks by the management as compared to the books records.
3. The Company, has not granted any loans, secured or unsecured, to Companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act,2013.
a) As stated above, no such loan has been granted by the Company hence clause (a) related to terms and condition of loans is not applicable.
b) As stated above, no such loan has been granted by the Company hence clause (b) related to repayment of loan and interest are also not applicable.
c) As stated above, no such loan has been granted by the Company hence clause (c) related to overdue amount more than 90 days is also not applicable.
4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.
5. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public.
6. Maintenance of cost records has not been specified by the central government under sub-section (1) of section 148 of the Companies Act, 2013.
7. a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, ESIC, income-tax, sales tax, service tax, duty of custom, duty of excise, value added tax, cess and other material Statutory dues to the appropriate authorities.
According to the information and explanations given to us and based on the records of the Company examined by us, no undisputed amount of statutory dues were outstanding, as at 31st March, 2018 for a period of more than six months from the date they became payable.
b) According to the information and explanations given to us and based on the records of the company examined by us, there are no material dues of provident fund, ESIC, Income-Tax, , Sales-Tax, Value Added Tax, Service-Tax, Custom Duty and Excise Duty which have not been deposited with the appropriate authorities on account of any dispute.
8. The Company does not have any loans & borrowing from any financial institutions, banks, government or debenture holders during the year, Accordingly paragraph 3(viii) of the order is not applicable.
9. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly paragraph 3(ix) of the order is not applicable.
10. During the course of 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 instances of fraud by the Company or any fraud on the Company by its officers or employees has been noticed or reported during the year, nor have been informed of any such instance by the management.
11. According to the information and explanations given to us and based on the examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provision of section 197 read with schedule V of the Act.
12. 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.
13. 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 Ind AS Financial Statements as required by the applicable accounting standards.
14. According to the information and explanations given 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. Therefore, paragraph 3(xiv) of the Order is not applicable.
15. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
16. According to the information and explanations given to us, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ).
We have audited the internal financial controls over financial reporting of CREATIVE CASTINGS LIMITED. (âthe Companyâ) as of 31st March 2018 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs 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 (âICAIâ). 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 companyâs 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.
Auditorsâ 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 âGuidance Noteâ) 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 were 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 auditorâs 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 Companyâs 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 Ind AS 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 the 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 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 B. H. ADVANI & ASSOCIATES,
Firm Registration No. 117127W
Chartered Accountants
Sd/-
BHISHAM H. ADVANI PARTNER
M. NO. 102464
PLACE : JUNAGADH
DATE : 30th May, 2018
Mar 31, 2015
We have audited the accompanying Financial Statements of CREATIVE
CASTINGS Limited ("the company") which comprise the Balance Sheet as at
31st March -2015, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management's Responsibilities for the Financial Statements
The Company's Board of Directors 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 principles generally accepted in
India including Accounting Standards specified under Section 133 of the
Companies Act, 2013 ("the Act"), read with the Rule 7 of the Companies
(Accounts) Rule, 2014. This responsibility also includes the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the fraud 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 internal financial control, 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provision of the Act, the accounting and
auditing standard and Matters which are required to be included in the
audit report under the provision 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 disclosures in the financial statements. The procedure
selected depends 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 true and fair view in
order to design audit procedure that are appropriate in the
circumstances. An audit also include evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by 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 :
(a) in the case of the Balance sheet, of the state of affairs of the
Company as at 31 st March, 2015
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the 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, 2015 ("the
order") issued by the Central Government of India in terms of section
143 (11) of the Act, we give in the Annexure 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
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, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the Books of
Accounts.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified u/s 133 of the Act, read with the Rule 7
of the Companies (Accounts) Rules 2014.
e. On the basis of written representations received from the directors,
as on March 31, 2015, taken on record by the board of Directors, none of
the directors is disqualified as on March 31, 2015, from being appointed
as a director in terms of section 164(2) of the Act.
f. With respect to other matters to be included in the Auditors'
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:
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 been an occasion in case of the company during the year
under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
ANNEXURE TO THE AUDITORS' REOPRT
(Referred to in paragraph 1 of our report of even date)
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
i) In respect of its fixed assets :
a) The Company has maintained proper records showing full particulars
including quantitative details and situations of its Fixed Assets.
b) As explained to us, Fixed Assets have been physically verified by
the Management at the reasonable intervals; no material discrepancies
were notices on such verification. In our opinion and according to
information and explanation given to us, no Fixed Assets has been
disposed off during the year and therefore, does not affect the going
concern assumption.
ii) In respect of its Inventories :
a) As explained to us, Inventories have been physically verified during
the year by the Management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) in our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its Inventories.
No material discrepancy was noticed on physical verifications of stocks
by the management as compared to books records.
iii) According to the information and explanations given to us and on
the basis of our examinations of the books of accounts, the Company has
not granted any loans, secured or unsecured, to Companies, firm or
other parties listed in the register maintained u/s 189 of the
Companies Act.
iv) As informed to us, the central government has not prescribed
maintenance of cost record under sub-section (1) of section 148 of the
Act.
v) The Company has not accepted any deposit, from the public covered
under section 73 to 76 of the Companies Act, 2013.
vi) We have broadly reviewed the books of accounts relating to
materials, labour and other items of cost maintained by the Company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 148(1) of the Companies Act,
2013 and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
vii) a) According to the records of the Company, the Company is regular
in depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income-Tax,
Sales-Tax, Value Added Tax, Wealth-Tax, Custom Duty, Excise Duty,
Service-Tax, Cess and other Statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amount payable in respect of Income-Tax, Wealth-Tax,
Sales-Tax, Value Added Tax, Service-Tax, Custom Duty, Excise Duty were
outstanding, as at March 31, 2015 for a period of more than six months
from the date they became payable.
b) According to records of the Company, there are no dues of
Income-Tax, Wealth-Tax, Sales- Tax, Value Added Tax, Service-Tax,
Custom Duty and Excise Duty which have not been deposited on account of
any dispute.
c) There is no occasion in case of the company during the year under
report to transfer any sums to the Investor Education & Protection
Fund. The queation of reporting delay in transferring such sums does
not arise.
viii) The Company does not have any accumulated losses and has not
incurred any cash losses during the financial year covered by our Audit
and in the immediately preceding financial year.
ix) Based on our audit procedure and on the information and
explanations given by management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institution.
xi) In our opinion, and according to the information and explanation
given to us, the company has not raised any term loan during the year.
xii) Based on the audit procedures carried in accordance with the
auditing standards generally accepted in India and the information and
explanation given to us, we report that no fraud on or by the Company
has been noticed or reported during the course of audit nor we have
been informed of such case by the management.
PLACE: JUNAGADH FOR SUBHASH AKBARI & CO.
DATE : 30th May, 2015 Firm Registration No.124349W
Chartered Accountants
SUBHASH K. AKBARI
PROPRIETOR
M. NO. 114659
Mar 31, 2014
We have audited the accompanying Financial Statements of CREATIVE
CASTINGS Limited (the company") which comprise the Balance Sheet as at
31 st March 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management's Responsibilities for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair of the financial position,
financial performance and cash flows of the Company in with accounting
principles generally accepted in India including Accounting Standards
referred to in Sectoin211 (3C) of the Companies Act, 1956 ("the Act")
read with the General Circular 15/2013 dated 13th September 2013 of the
Ministry of Corporate Affairs in respect of section 133 of the Companies
Act 20. This responsibility includes the design, implementation and
maintenance of internal control preparation and presentation of the
financial statements that give a true and fair view and 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 procedure
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 control relevant to the company preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate circumstances but not for the purpose
of expressing an opinion on the effectiveness of the company's internal
control. An audit also include 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 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:
(a) in the case of the Balance sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the 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, 2003 ("the
order") issued by the Central Government of India in terms of section
227 (4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 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 as far as 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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211 (3C) of the Act read with the General
Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate
Affairs in respect of section 133 of the Companies Act, 2013
e. On the basis of written representations received from the
directors, as on March 31,2014, taken on record by the board of
Directors, none of the directors is disqualified as on March 31, 2013,
from being appointed as a director in terms of section 274(1 )(g) of
the Act.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 1 of our report of even date)
i) a) The Company has maintained proper records to show full particulars
including quantitative details and situations of Fixed Assets (other
than in respect of tools, dies, furniture & fixture).
b) As per the information and explanations given to us, the Fixed
Assets of the Company have been physically verified by the Management
at reasonable intervals and no serious discrepancies between the book
records and physical verification were noticed.
c) During the year, the Company has not disposed off any
substantial/major part of Fixed Assets.
ii) a) As per the information and explanations given to us, the
Inventories have been physically verified by the Management at
reasonable intervals during the year.
b) In our opinion and as per the information and explanations given to
us, the procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and nature of its business.
c) The Company has maintained proper records of Inventories. According
to the information and explanations given to us, no material
discrepancies were noticed on physical verification of inventories as
compared to the book records.
iii) a) As per information furnished, the Company has not granted any
Loans, secured or unsecured to companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act, 1956,
Accordingly, the provisions of clauses 4 (iii) (b) to (d) of the Order
are not applicable.
b) As per information furnished, the Company has not taken any Loans,
secured or unsecured from companies, firms or other parties covered in
the register maintained under section 301 of the Companies Act, 1956,
Accordingly, the provisions of clauses 4 (iii) (f) to (g) of the Order
are not applicable.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of Inventory and Fixed Assets and for the Sale of Goods and
services. We have not observed any continuing failure to correct major
weaknesses in the internal control system.
v) In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 :
a) To the best of our knowledge and belief and according to the
information and explanations given to us, particulars of contracts or
arrangements that needed to be entered into the register have been so
entered.
b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under Sec. 301
exceeding the value of Rs. 5.00 Lacs in respect of any party during the
year.
vi) As the company has not accepted any deposits from the public,
within the meaning of provisions of Sections 58A and 58AA and other
relevant provisions of the Companies Act, 1956, and Rules made there
under ,clause(vi) of the order is not applicable.
vii) In our opinion, the company has an Internal Audit system
commensurate with the size of the Company and nature of its business.
viii) We have broadly reviewed the cost records maintained by the
company relating to the manufacturing of castings, pursuant to the
Companies (Cost Accounting Records) rules, 2011 prescribed by the
Central Govt. Linder section 209 (1) (d) of the Companies Act, 1956 and
are of the opinion that prima facie the prescribed cost records have
been maintained. We have, however not made a detailed examination of
the records with a view to determine whether they are accurate or
complete.
ix) a) According to information and explanations given to us and the
records examined by us, the Company has generally been regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales-Tax, Wealth- Tax,
Service-Tax, Custom Duty, Excise Duty, Cess and other Statutory dues
wherever applicable. According to information and explanations given to
us, no undisputed arrears of Statutory dues were outstanding as at 31st
March-2014, for a period of more than six months from the date they
became payable
c) According to the information and explanations given to us, there are
no dues of Sales Tax, Income Tax, Wealth Tax, Service Tax, Excise Duty
and Cess which have not been deposited on account of any dispute.
x) There are no accumulated losses of the Company as on 31st
March-2014. The Company has not incurred any Cash losses during the
financial year covered by our Audit and the immediately preceding
financial year.
xi) Based on our audit procedure and on the basis of information and
explanation given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to Banks. The Company
has no borrowings from financial institutions or by way of debentures.
xii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted any Loans and /
or Advances on the basis of security by way of pledge of Shares,
Debentures and other securities.
xiii) Clause (xiii) of the Order is not applicable to the Company as
the Company is not a Chit fund Company or Nidhi / Mutual Benefit Fund /
Society.
xiv) Clause (xiv) of the Order is not applicable to the Company as the
Company is not dealing or trading in Shares, Securities, Debentures and
other Investments.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi) The term loan obtained by the company were applied only for the
purposes for which the loan were obtained.
xvii) According to the Cash Flow Statement and other records examined
by us and the information and explanations given to us, on and over all
basis, funds raised on short term basis have prima facie not been used
during the year for long term investment.
xviii) The company has not made any preferential allotment of shares
during the year.
xix) Clause (xix) of the Order is not applicable to the Company as the
Company has not issued any Debentures.
xx) The Company has not raised any money by Public Issues during the
year covered by our report.
xxi) As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
PLACE: JUNAGADH FOR SUBHASH AKBARI & CO.,
DATE :29th May, 2014 Firm Registration No. 124349W
Chartered Accountants
SUBHASH K. AKBARI
PROPRIETOR
M. NO. 114659
Mar 31, 2013
We have audited the accompanying Financial Statements of CREATIVE
CASTINGS Limited (" the company") which comprise the Balance Sheet as
at 31st March,2013, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management's Responsibilities 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 principles generally accepted in India including
Accounting Standards, referred to in Section 211(3C) of the Companies
Act, 1956 ("the Act"). 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 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 procedure
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 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
include 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 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:
(a) in the case of the Balance sheet, of the state of affairs of the
Company as at 31 st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the 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, 2003 ("the
order") issued by the Central Government of India in terms of section
227 (4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 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 as far as 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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211 (3C)oftheAct.
e. On the basis of written representations received from the
directors, as on March 31,2013, taken on record by the board of
Directors, none of the directors is disqualified as on March 31,2013,
from being appointed as a director in terms of section 274(1 )(g) of
the Act.
ANNEXURE TO THE AUDITORS' REOPRT
(Referred to in paragraph 1 of our report of even date)
i) a) The Company has maintained proper records to show full particulars
including quantitative details and situations of Fixed Assets (other
than in respect of tools, dies, furniture & fixture).
b) As per the information and explanations given to us, the Fixed
Assets of the Company have been physically verified by the Management
at reasonable intervals and no serious discrepancies between the book
records and physical verification were noticed.
c) During the year, the Company has not disposed off any substantial /
major part of Fixed Assets.
ii) a) As per the information and explanations given to us, the
Inventories have been physically verified by the Management at
reasonable intervals during the year.
b) In our opinion and as per the information and explanations given to
us, the procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and nature of its business.
c) The Company has maintained proper records of Inventories. According
to the information and explanations given to us, no material
discrepancies were noticed on physical verification of inventories as
compared to the book records.
iii) a) As per information furnished, the Company has not granted any
Loans, secured or unsecured to companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act, 1956,
Accordingly, the provisions of clauses 4 (iii) (b) to (d) of the Order
are not applicable.
b) As per information furnished, the Company has not taken any Loans,
secured or unsecured from companies, firms or other parties covered in
the register maintained under section 301 of the Companies Act, 1956,
Accordingly, the provisions of clauses 4 (iii) (f) to (g) of the Order
are not applicable.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of Inventory and Fixed Assets and for the Sale of Goods and
services. We have not observed any continuing failure to correct major
weaknesses in the internal control system.
v) In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956:
a) To the best of our knowledge and belief and according to the
information and explanations given to us, particulars of contracts or
arrangements that needed to be entered into the register have been so
entered.
b) According to the information and explanations given to us the
transactions in pursuance of such contracts or arrangements have been
made at prices which are prima facie reasonable having regard to the
prevailing market prices at the relevant time.
vi) As the company has not accepted any deposits from the public,
within the meaning of provisions of Sections 58A and 58AA and other
relevant provisions of the Companies Act, 1956, and Rules made there
under, clause(vi) of the order is not applicable.
vii) In our opinion, the company has an Internal Audit system
commensurate with the size of the Company and nature of its business.
viii) We have broadly reviewed the cost records maintained by the
company relating to the manufacturing of castings, pursuant to the
Companies ( Cost Accounting Records ) rules, 2011 prescribed by the
Central Govt. Under section 209 (1) (d) of the Companies Act,1956 and
are of the opinion that prima facie the prescribed cost records have
been maintained. We have, however not made a detailed examination of
the records with a view to determine whether they are accurate or
complete.
ix) a) According to information and explanations given to us and the
records examined by us, the Company has generally been regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales" Tax, Wealth-Tax,
Service-Tax, Custom Duty, Excise Duty, Cess and other Statutory dues
wherever applicable. According to information and explanations given to
us, no undisputed arrears of Statutory dues were outstanding as at 31st
March-2013, for a period of more than six months from the date they
became payable.
b) According to the information and explanations given to us, there are
no dues of Sales Tax, Income Tax, Wealth Tax, Service Tax, Excise Duty
and Cess which have not been deposited on account of any dispute.
x) There are no accumulated losses of the Company as on 31st
March-2013. The Company has not incurred any Cash losses during the
financial year covered by our Audit and the immediately preceding
financial year.
xi) Based on our audit procedure and on the basis of information and
explanation given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to Banks. The Company
has no borrowings from financial institutions or by way of debentures.
xii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted any Loans and/or
Advances on the basis of security by way of pledge of Shares,
Debentures and other securities.
xiii) Clause (xiii) of the Order is not applicable to the Company as
the Company is not a Chit fund Company or Nidhi / Mutual Benefit
Fund/Society.
xiv) Clause (xiv) of the Order is not applicable to the Company as the
Company is not dealing or trading in Shares, Securities, Debentures and
other Investments.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi) Clause (xiv) of the Order is not applicable to the Company as the
Company, the company has not taken any term oan during the year.
xvii) According to the Cash Flow Statement and other records examined
by us and the information and explanations given to us, on and over all
basis, funds raised on short term basis have prima facie not been used
during the year for long term investment.
xviii) The company has not made any preferential allotment of shares
during the year.
xix) Clause (xix) of the Order is not applicable to the Company as the
Company has not issued any Debentures.
xx) The Company has not raised any money by Public Issues during the
year covered by our report.
xxi) As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
PLACE : JUNAGADH FOR SUBHASH AKBARI & CO.,
DATE : 27th May, 2013 Firm Registration No. 124349W
Chartered Accountants
SUBHASH K.AKBARI
PROPRIETOR
M. NO. 114659
Mar 31, 2012
We have audited the attached Balance Sheet of Creative Castings Limited
as at 31st March,2012 and also the Statement of Profit & Loss for the
year ended on that date annexed thereto and the Cash flow statement for
the year ended on that date. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
We report as follows:
1. As required y the Companies (Auditor's Report) Order, 2003 as
amended by Companies (Auditor's Report) (Amendment) Order 2004 issued
by the Central Government of India in terms of section 227 (4A) of the
Companies Act, 1956, we enclosed in the annexure a statement on the
matters specified in paragraphs 4 & 5 of the said Order..
2. Further to our comments in the Annexure referred in paragraph (1)
above, 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 as far as appears from our examination of the
books.
c) The Balance Sheet, Statement of Profit & Loss & 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 & Loss & Cash
Flow Statement comply with the accounting standards referred to in Sub.
Section (3C) of Section 211 of the Companies Act, 1956.
e) On the basis of written representations received from the directors,
as on 31.03.2012 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31.03.2012 from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with the significant accounting policies and other notes
thereon give the information required by the Companies Act, 1956, in
the manner so required, and present a true and fair view in conformity
with the accounting principles generally accepted in India;
(i.) in the case of the Balance sheet, of the state of affairs of the
Company as at 31st March, 2012 ;
(ii.) in the case of the Statement of Profit and Loss, of the Profit
for the year ended on that date; and
(iii.) in the case of Cash Flow Statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REOPRT
(Referred to in paragraph 1 of our report of even date)
i) a) The Company has maintained proper records to show full particulars
including quantitative details and situations of Fixed Assets (other
than in respect of tools, dies, furniture & fixture).
b) As per the information and explanations given to us, the Fixed
Assets of the Company have been physically verified by the Management
at reasonable intervals and no serious discrepancies between the book
records and physical verification were noticed.
c) During the year, the Company has not disposed off any substantial /
major part of Fixed Assets.
ii) a) As per the information and explanations given to us, the
Inventories have been physically verified by the Management at
reasonable intervals during the year.
b) In our opinion and as per the information and explanations given to
us, the procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and nature of its business.
c) The Company has maintained proper records of Inventories. According
to the information and explanations given to us, no material
discrepancies were noticed on physical verification.
iii) a) As per information furnished, the Company has not granted any
Loans, secured or unsecured to companies, firms oc ther parties covered
in the register maintained under section 301 of the Companies Act, 1956,
Accordingly, the provisions of clauses 4 (iii) (b) to (d) of the Order
are not applicable.
b) As per information furnished, the Company has not taken any Loans,
secured or unsecured from companies, firms or other parties covered in
the register maintained under section 301 of the Companies Act, 1956,
Accordingly, the provisions of clauses 4 (iii) (f) to (g) of the Order
are not applicable.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of Inventory and Fixed Assets and for the Sale of Goods and
services. We have not observed any continuing failure to correct major
weaknesses in the internal control system.
v) In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 :
a) To the best of our knowledge and belief and according to the
information and explanations given to us, particulars of contracts or
arrangements that needed to be entered into the register have been so
entered.
b) According to the information and explanations given to us the
transactions in pursuance of such contracts or arrangements have been
made at prices which are prima facie reasonable having regard to the
prevailing market prices at the relevant time.
vi) As the company has not accepted any deposits from the public,
within the meaning of provisions of Sections 58A and 58AA and other
relevant provisions of the Companies Act, 1956, and Rules made there
under ,clause(vi) of the order is not applicable.
vii) In our opinion, the company has an Internal Audit system
commensurate with the size of the Company and nature of its business.
viii) We have broadly reviewed the cost records maintained by the
company relating to the manufacturing of castings, pursuant to the
Companies ( Cost Accounting Records ) rules, 2011 prescribed by the
Central Govt. Under section 209 (1) (d) of the Companies Act, 1956 and
are of the opinion that prima facie the prescribed cost records have
been maintained. We have, however not made a detailed examination of
the records with a view to determine whether they are accurate or
complete.
ix) a) According to information and explanations given to us and the
records examined by us, the Company has generally been regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax , Sales-Tax, Wealth-Tax,
Service-Tax, Custom Duty , Excise Duty, Cess and other Statutory dues
wherever applicable. According to information and explanations given to
us, no undisputed arrears of Statutory dues were outstanding as at 31st
March-2012, for a period of more than six months from the date they
became payable.
b) The details of disputed statutory dues are as under :
Name of the Statue Nature of Amount Amount
Dues disputed Paid Rs.
Rs.in thousand in thousand
Income Tax Income Tax 17779 6026
Act, 1961 Dues
Name of the Statue Forum
where dispute
is pending
Income Tax Commissioner
Act, 1961 of Income Tax
x) There are no accumulated losses of the Company as on 31st
March-2012. The Company has not incurred any Cash losses during the
financial year covered by our Audit and the immediately preceding
financial year.
xi) Based on our audit procedure and on the basis of information and
explanation given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to Banks. The Company
has no borrowings from financial institutions or by way of debentures.
xii) Based on our examination of the records and the information and
explanations given to us, the Company has not granted any Loans and /
or Advances on the basis of security by way of pledge of Shares,
Debentures and other securities.
xiii) Clause (xiii) of the Order is not applicable to the Company as
the Company is not a Chit fund Company or Nidhi / Mutual Benefit Fund /
Society.
xiv) Clause (xiv) of the Order is not applicable to the Company as the
Company is not dealing or trading in Shares, Securities, Debentures and
other Investments.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi) Clause (xiv) of the Order is not applicable to the Company as the
Company, the company has not taken any term loan during the year.
xvii) According to the Cash Flow Statement and other records examined
by us and the information and explanations given to us, on and over all
basis, funds raised on short term basis have prima facie not been used
during the year for long term investment.
xvii) The company has not made any preferential allotment of shares
during the year.
xix) Clause (xix) of the Order is not applicable to the Company as the
Company has not issued any Debentures.
xx) The Company has not raised any money by Public Issues during the
year covered by our report.
xxi) As per the information and explanations given to us, no fraud on or
by the Company has been noticed or reported during the year.
PLACE: JUNAGADH FOR SUBHASH AKBARI & CO.
Date : 28/06/2012 Firm Registration No. 124349W
Chartered Accountants
SUBHASH K. AKBARI
PROPRIETOR
M. NO. 114659
Mar 31, 2011
We have audited the attached Balance Sheet of Creative Castings Limited
as at 31st March, 2011 and also Profit & Loss Account for the year
ended on that date annexed thereto and Cash Flow Statement for the Year
ended on that date.These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are tree of material misstatement. An audit includes
examining,on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
We report as follows :
1. As required by the Companies (Auditor's Report) Order, 2003 as
amended by companies (Auditor's report) (Amendment) order 2004 issued
by the Central Government of India in terms of section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks of books and
records of the company as we considered appropriate and according to
the information and explanations given to us, we give in the annexure a
Statement on the mailers specified in paragraphs 4 & 5 of the said
order.
2. Further to our comments in the Annexure referred in paragraph (1)
above, we report that:
(a) We have obtained all the information and explanation which to the
best of our knowledge and belief were necesary 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 examination of the
books.
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with Books of Account.
(d) In our opinion the Balance Sheet, Profit & Loss Account and Cash
Flow Statement comply with the accounting standards referred to in Sub.
Section (3C) of Section 211 of the Companies Act, 1956,
(e) On the basis of written representations received from the directors,
as on 31.03.2011, and taken on record by the Board of Directors, We
report that none of the directors is disqualified as on 31.03.2011 from
being appointed as director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanation given to us, the said Financial Statements read
together with the significant accounting policies and other notes
thereon, give the information required by the Companies Act, 1956 in
the manner so required, and present a true and fair view in confirmity
with accounting principles generally accepted in India :
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2011,
(if) In the case of the Profit & Loss Account, of the PROFIT lor the
year ended on that date, and
(iii) in the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph (1) of our Report of even date
i (a). The Company has maintained proper records to show full
particulars including quantitative details and silualions of Fixed
Assets (other than in respect of tools, dies, furniture & fixture).
(b) As per the information and explanations given to us, the Fixed
Assets of the Company have been physically verified by the Management
at reasonable intervals and no serious discrepancies between the book
records and phtsical verification were noticed-
(c) During the year, the Company has not disposed off any substaintial
/ major part of Fixed Assets.
ii) (a) As per the information and explanations given to us, the
Inventories have been physically verified by the Management at
reasonable Intervals during the year.
(b) In our opinion and as per the information and explanations given to
us tire procedures of physical verification of inventory followed by
the Management are reasonable and adequate in relation to the size of
the Company and nature of its business.
(c) The Company has maintained proper records of Inventories. According
to the information and explanations given to us, no material
discrepancies were noticed on physical verification.
iii (a) As per infermation furnishod, the Company has not granted any
loans, secured or unsecured to companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act, 1956.
(b) As per information furnished, the company has not taken any loans,
secured or un secured from companies, firms or other parties covered in
the register maintain u/s. 301 of companies Act. 1956.
iv in our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of Inventory and Fixed Assets and for the Sale of Goods and
services. We have not observed any continuing failure to correct major
weakness in the internal control system.
v In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act. 1956.
(a) To the best of our knowledge and belief in according to the
Information and explanations given to us, particulars of contracts or
arrangements that needed to be entered in to the register have been so
entered.
(b) According to the information and explanations given to us, the
transactions in pursuance of such contracts or arrangements have been
made at prices which are prima facie reasonable having regard to the
prevailing market prices at the relevant time.
vi) As the Company has not accepted any deposits from the public,
within the meaning of provisions of Sections 56 A, 58 AA or any other
relevant provisions of the Companies Act. 1956 and rules made
thereunder, clause (vi) of the order is not applicable.
vii in our opinicn.the company has an Internal Audit system
commensurate with the size of the Company and nature of its business
viii The Central Government has not prescribed for the maintenance of
cost records u/s 209 (1) (d) of the Companies Act, 1956 for any of the
products of the company.
ix According to information and explanations given to us and the
records examined by us, the company has generally been regular in
depositing with appropriate authorities undisputed dues including
provident fund. Investor Eduction and Protection Fund, Employees1 State
insurance, Income-Tax, Saias-Tax. Weaith-Tax, Service Tax, Custom Duty,
Excise Duty, Cess and other Statutory dues wherever applicable.
According to information and explanations given to us, no undisputed
arrears of Statutory dues were outstanding as at 31st March - 2011 for
a period of more than six months from the date they became payable,
x There are no accumulated losses of the Company as on 31st March-2011.
The Company has not incurred any cash losses during the financial year
covered by our Audit and the immediately preceding financial year.
xi Based on our audit procedure and on the basis of information and
explanation given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to Banks. The Company
has no borrowings from financial institutions or by way of debentures.
xii Based on our ion of t he records and the information and
expianations given to s, the C om pany has not granted any loans and /
or Advances on the basis of security by way of pledge of Shares,
Debentures and other securities,
xiii Clause(xiii) of the Order is not applicable to the Ccmpany as the
Company is not a Chit fundCompanyor Nidhidhi/Mutual Benefit Fund/
Society.
xiv Clause (xiv) of the Order is not applicable to the Company as the
Company is not dealing or trading in Shares, Securities, Debentures and
other Investments.
xv According to the information and explanations given to us, the
Company has not given any guarantee for loans token by others from
banks or financial institutions.
xvi Clause (xvi) of the Order is not appicable to the Company as the
Company has not raken any term loan during the year.
xvii According to the Cash Flow Statement and other records examined by
us and the information and explanations given to us. on and over all
basis, funds raised on short form basis have prime facie not been used
during the year for long term investment.
xviii The Company has not made any Preferential Allotment of Shares
during the year.
xix Clause (xix) of the Order is not applicble to the Company as the
Company has not issued any Debentures.
xx The Company has not raised any money by Public Issues during the
year covered by our report.
xxi As per the information and explanations given to us, no fraud on or
by the Company has been noticed or reported during the year,
(SUBHASH K.AKBARI)
PROPRIETOR
FOR & ON BEHALF OF
PLACE : JUNAGADH SUBHASH AKBARI & CO.
DATE : 2B/06/2011 CHARTERED ACCOUNTANTS.
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