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Castex Technologies Ltd.

BSE: 532282 Sector: Auto
NSE: CASTEXTECH ISIN Code: INE068D01021
BSE LIVE 15:53 | 09 Dec 9.17 -0.08
(-0.86%)
OPEN

9.25

HIGH

9.54

LOW

9.12

NSE LIVE 15:46 | 09 Dec 9.15 -0.10
(-1.08%)
OPEN

9.25

HIGH

9.55

LOW

9.10

OPEN 9.25
PREVIOUS CLOSE 9.25
VOLUME 178361
52-Week high 18.75
52-Week low 4.77
P/E
Mkt Cap.(Rs cr) 346.72
Buy Price 9.17
Buy Qty 1236.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.25
CLOSE 9.25
VOLUME 178361
52-Week high 18.75
52-Week low 4.77
P/E
Mkt Cap.(Rs cr) 346.72
Buy Price 9.17
Buy Qty 1236.00
Sell Price 0.00
Sell Qty 0.00

Castex Technologies Ltd. (CASTEXTECH) - Auditors Report

Company auditors report

TO THE MEMBERS OF CASTEX TECHNOLOGIES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying Standalone financial statements of Castex TechnologiesLimited ("the company") which comprise the balance sheet as at 31stMarch2016 the statement of profit and lossfor the six months ended 31st March2016 the cash flow statement for the six months ended on that date and a summary ofsignificant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The company’s board of directors is responsible for the matters specified insection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these Standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the company in accordance withthe accounting principles generally accepted in India including the accounting standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of thecompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the rules made thereunder.

We conducted our audit in accordance with the standards on auditing specified undersection 143(10) of the Act. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the company’s directors as well as evaluating theoverall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the company as at 31stMarch 2016 and its loss and its cash flows for the six months ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub section (11) ofsection 143 of the act we give in the annexure A a statement on the matters specifiedin paragraph 3 & 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 bestof 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 thecompany so far as appears from our examination of those books;

c) the balance sheet the statement of profit and loss and the cash flow statementdealt with by this report are in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with theaccounting standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) On the basis of written representations received from the directors as on 31stMarch 2016 and taken on record by the board of directors none of the directors isdisqualified as on 31stMarch 2016 from being appointed as a director in termsof Section 164(2) of the Act;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure B; and

g) With respect to the other matters included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit & Auditors) Rules 2014 in ouropinion and to best of information and according to the explanations given to us :

i) The company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements(Refer to Note 2.24).

ii) The company did not have any long-term contract including derivatives contract forwhich there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.

For & on behalf of
Manoj Mohan & Associates
Chartered Accountants
ICAI Firm Regd. No.009195C
Sd/-
(Manoj Kumar Agarwal)
Place : New Delhi Partner
Dated : 30th May 2016 Membership No -76980

Annexure - A to the Independent Auditors’ Report

Re: Castex Technologies Limited

The Annexure referred to in Independent Auditors’ Report to the members of theCompany on the standalone financial statements for the six months ended 31st March 2016.

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us fixed assets according to the practice of the Company havebeen physically verified by the management at reasonable intervals. In our opinion thefrequency of physical verification of fixed assets is reasonable having regard to the sizeof the Company and nature of its assets. According to the information and explanationsgiven to us no material discrepancies were noticed on such physical verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) We have been informed that the inventories are physically verified during theperiod by the management at reasonable intervals. The frequency of physical verificationin our opinion is reasonable having regard to the size of the company and nature of itsbusiness. The discrepancies noticed on verification between the physical inventories andthe book records were not material in relation to the operation of the Company and thesame have been properly dealt with in the books of account.

(iii) The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013 during the period under review:

(a) Since the company has not granted any loans during the period under review theprovisions of this sub-paragraph are not applicable to the Company.

(b) In regards to the loans granted in the earlier years the schedule of repayment isstipulated and there is no irregularity in this regard.

(c) No amount is overdue for more than 90 days as on 31st March 2016.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

(v) The Company has not accepted any deposits from the public. Therefore theprovisions of clause (v) of paragraph 3 of the Companies (Auditor’s Report) Order2016 are not applicable to the Company.

(vi) The Central Government has prescribed the maintenance of cost records undersection 148 (1) of the Companies Act 2013 (‘the Act’). On the basis of recordsproduced before us for our verification we are of the opinion that prima facie theprescribed accounts and cost records have been maintained. However we are neither requiredto carry out nor have carried out any detailed examination of such accounts & records.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the company the company has been regular in depositingundisputed statutory dues including provident fund employees’ state insuranceincome tax sales tax service tax duty of customs duty of excise value added tax cessand any other statutory dues with appropriate authorities during the six months ended 31stMarch 2016. According to the information and explanations given to us no undisputedamounts payable in respect of the above were in arrears as at Mach 31 2016 for a periodof more than six months from the date on when they become payable.

(b) According to information and explanations given to us and the records of thecompany examined by us dues of income tax sales tax service tax custom duty exciseduty value added tax and cess which have not been deposited on account of matters pendingbefore appropriate authorities are as follows:

Sr. No. Name of the Statute Nature of Dues Period to which the amount relates Forum where dispute is pending Amount (Rs. in lacs)
1 Central Excise Act Excise 2007 Excise Deptt. 9.12
2 Central Excise Act Excise 2010 Tribunal Bench Delhi 2.59
3 Central Excise Act Excise 2010 Commissioner Appeals Jaipur 3.41
4 Central Excise Act Excise 2012 Commissioner Appeals Jaipur 6.51
5 Central Excise Act Excise 2014 Commissioner Appeals Jaipur 37.84
6 Central Excise Act Excise 2015 Additional Commissioner Appeals Alwar 24.16
7 Central Service Tax Service Tax 2007 Service tax Deptt. 0.30
8 Central Service Tax Service Tax 2008 Service tax Deptt. 0.07
9 Central Service Tax Service Tax 2008 Tribunal Delhi 3.58
10 Central Service Tax Service Tax 2008 Tribunal Delhi 2.42
11 Central Service Tax Service Tax 2010 Commissioner Appeals Jaipur 0.74
12 Central Service Tax Service Tax 2012 Commissioner Appeals Jaipur 5.99
13 Central Service Tax Service Tax 2015 Excise Deptt. 5.27
14 Sales Tax Sales Tax 2014 Noida Commercial Tax Authority-UP 1.76
15 Income Tax Act 1961 Income Tax Block Assessement from A.Y. 2006-2007 to 2012-2013 Income Tax Appellant Tribunal Delhi 1455.90
Total 1559.66

(viii) According to the information and explanations given to us and as per ourverification of the records of the company the Company has defaulted in repayment ofinstallments and interest on term loans to banks during the period. Note No. 2.27 of thefinancial statements contains details in this regard.

(ix) According to the information and explanations given to us the company has notraised moneys by way of initial public offer or further public offer(including Debtinstruments). The term loans availed by the company have been applied for the purpose forwhich the loans were obtained.

(x) According to the information and explanations given to us no fraud on or by thecompany or by its officers or employees has been noticed or reported during the six monthsended 31st March 2016.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to usthe company is not a Nidhi company.

Therefore the provisions of Clause 3 (xii) of the Order are not applicable to theCompany.

(xiii) According to the information and explanations given to us and as per ourverification of the records of the company all transactions with the related parties arein compliance with the Section 177 and 188 of the Companies Act 2013 where applicable andthe details have been disclosed in the Financial Statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and as per ourverification of the records of the company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe period under review. Accordingly the provisions of Clause 3 (xiv) of the order are notapplicable to the Company.

(xv) According to the information and explanations given to us and as per ourverification of the records of the company the company has not entered into any non-cashtransactions with directors or persons connected with it .Accordingly the provisions ofClause 3 (xv) of the order are not applicable to the Company.

(xvi) In our opinion the company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934. Accordingly the provisions of Clause 3 (xvi) ofthe order are not applicable to the Company.

For & on behalf of
Manoj Mohan & Associates
Chartered Accountants
ICAI Firm Regd. No.009195C
Sd/-
(Manoj Kumar Agarwal)
Place : New Delhi Partner
Dated : 30th May 2016 Membership No -76980

Annexure–B to the Independent Auditors’ Report

Report on the Internal Financial Controls under Clause (I) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of CASTEXTECHNOLOGIES LIMITED ("the Company") as of 31st March 2016 in conjunction withour audit of the standalone financial statements of the Company for the Six months endedon that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’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 financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future year are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For & on behalf of
Manoj Mohan & Associates
Chartered Accountants
ICAI Firm Regd. No.009195C
Sd/-
(Manoj Kumar Agarwal)
Place : New Delhi Partner
Dated : 30th May 2016 Membership No -76980

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