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Conart Engineers Ltd.

BSE: 522231 Sector: Infrastructure
NSE: N.A. ISIN Code: INE714D01012
BSE LIVE 15:40 | 07 Dec 35.30 -1.15
(-3.16%)
OPEN

36.00

HIGH

36.00

LOW

35.15

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 36.00
PREVIOUS CLOSE 36.45
VOLUME 820
52-Week high 58.00
52-Week low 21.40
P/E 7.53
Mkt Cap.(Rs cr) 10.59
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 36.00
CLOSE 36.45
VOLUME 820
52-Week high 58.00
52-Week low 21.40
P/E 7.53
Mkt Cap.(Rs cr) 10.59
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Conart Engineers Ltd. (CONARTENGINEERS) - Auditors Report

Company auditors report

To The Members of CONART ENGINEERS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of CONART ENGINEERS LIMITED("the Company") which comprise the Balance Sheet as at March 31 2015 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

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:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Emphasis of Matters

In our opinion and the best of our information and according to the explanation givento us there is no matter which may have an adverse effect on the functioning of thecompany.

Report on other Legal and Regulatory Requirements

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 Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theCompanies Act.

f) With respect to the other matters included in the Auditor's Report and to our bestof our information and according to the explanations given to us:

i. The Company did not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to Investor Education andProtection Fund by the Company.

For Govind Prasad & Co.
Chartered Accountants
Place : Mumbai (Govind Prasad)
Date : 29th May 2015 Proprietor
Membership No. 047948
Firm Registration No. 114360W

Annexure to Auditor’s Report

(i) In respect of its fixed assets:

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

(b) The Company has physically verified certain assets during the year in accordancewith a programme of verification which in our opinion provides for physical verificationof the fixed assets at reasonable intervals. According to the information and explanationsgiven to no material discrepancies were noticed on such verification.

In our opinion fixed assets have been properly dealt with in the books of accounts

(ii) In respect of its Inventories:

(a) In our opinion the management at reasonable intervals has physically verified theinventories and the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us theprocedure for verification of stocks followed by the management are reasonable andadequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

(iii) According to the information and explanations given to us the Company has notgranted loan to any party covered in register u/s. 189.

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the Companyand the nature of its business for the purchase of inventory and fixed assets and for thesale of goods and services. Further on the basis of our examination of books and recordsof the company carried out in accordance with the auditing standards generally acceptedin India and according to the information and explanation given to us we have neithercome across nor have we been informed of any continuing failure to correct majorweaknesses in the aforesaid internal control system.

(v) In our opinion and according to the information and explanation given to us thecompany has not accepted deposits from the public as per section 73 to 76 or any otherrelevant provisions of the Companies Act 2013.

(vi) According to information and explanation given to us the maintenance of costrecords has not been prescribed by the Central Government sub section (1) of section 148of the Companies Act 2013.

(vii) According to the information and explanations given to us in respect of statutoryand other dues:

(a) The Company has been regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income-tax Sales-tax Wealth Tax ServiceTax Custom Duty Excise Duty Value added Tax cess and any other statutory dues with theappropriate authorities during the year.

(b) There are no disputed dues of Sales Tax Income Tax Customs Duty Wealth TaxService Tax Excise Duty Value Added Tax Cess and any other statutory dues with theappropriate authorities during the year.

(viii) The Company does not have accumulated losses which are more than 50% at the endof the year. Further the company did not incur cash losses in the current financial yearas well as in the preceding financial year.

(ix) Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in the repayment ofdues to financial institutions banks and debenture holders.

(x) According to the information and explanations given to us the company has notgiven any guarantee for loans taken by others from banks or financial institutions.

(xi) To the best of our knowledge and belief and according to the information andexplanations given to us term loans availed by the Company were prima facie applied bythe Company during the year for the purposes for which the loans were obtained other thantemporary deployment pending application.

(xii) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company was noticed or reported during theyear.

For Govind Prasad & Co. Chartered Accountants
Place : Mumbai (Govind Prasad)
Date : 29th May 2015 Proprietor
Membership No. 047948
Firm Registration No. 114360W

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