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Conart Engineers Ltd.

BSE: 522231 Sector: Infrastructure
NSE: N.A. ISIN Code: INE714D01012
BSE LIVE 15:40 | 28 Apr 48.70 -0.90
(-1.81%)
OPEN

52.70

HIGH

52.70

LOW

48.35

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 52.70
PREVIOUS CLOSE 49.60
VOLUME 9407
52-Week high 59.50
52-Week low 21.50
P/E 12.00
Mkt Cap.(Rs cr) 14.61
Buy Price 0.00
Buy Qty 0.00
Sell Price 48.70
Sell Qty 46.00
OPEN 52.70
CLOSE 49.60
VOLUME 9407
52-Week high 59.50
52-Week low 21.50
P/E 12.00
Mkt Cap.(Rs cr) 14.61
Buy Price 0.00
Buy Qty 0.00
Sell Price 48.70
Sell Qty 46.00

Conart Engineers Ltd. (CONARTENGINEERS) - Auditors Report

Company auditors report

INDEPENDENT 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 2016 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)of the 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 the amounts anddisclosures in the 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 true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 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 2016;

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 the Companies (Audit Report) Order 2016 ("the order") issuedby the Central Government of India in terms of sub section (11) of Section 143 of the Actwe give in the Annexure-A a statement on the matters specified in Para 3 and 4 of theorder.

As required by section 143(3) of the Act we repor 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 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a Director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls our 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 to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to our best of 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
Mumbai (Govind Prasad)
May 17 2016 Proprietor
Membership No. 047948
Firm Registration No. 114360W

Annexure - A to Auditors’ 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 period 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 fixedassets have been properly dealt with in the books of accounts.

(c) In our opinion and according to the information and explanations given to us thetitle deeds of the immovable properties of the company are held in the name of theCompany.

(ii) In respect of its Inventories in our opinion according to the information andexplanation given to us the Company has maintained proper records of its inventories andno material discrepancies were 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. 2(76) hence clause iii(a) (b) and (c)are not applicable.

(iv) In respect of loans investments and guarantees in our opinion and according tothe information and explanations given to us provisions of Section 185 and 186 of theCompanies Act 2013 have been compiled with.

(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 TaxService Tax Custom Duty Excise Duty Value added Tax cess and any other statutory dueswith the appropriate authorities during the period.

(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 period.

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of dues to financial institutions banks ordebenture holders.

(ix) In our opinion and according to the information and explanations given to us thecompany has not raised any money by way of public issue/follow-on offer. Further withreference to money raised as term loans in our opinion were applied for the purpose forwhich the said loans are raised.

(x) 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 theperiod.

(xi) In our opinion and according to the information and explanations given to us themanagerial remuneration has been paid/ provided in accordance with the requisite approvalsmandated by the provisions of section 197 read with schedule V to the Companies Act.

(xii) Since the company is not a Nidhi Company clause xii is not applicable.

(xiii) In our opinion and according to the information and explanations given to usall transactions with the related parties are in compliance with Section 188 and 177 ofCompanies Act 2013 and the relevant details have been disclosed in the financialstatement etc. as required by the accounting standards and Companies Act 2013.

(xiv) In our opinion and according to the information and explanations given to us thecompany has not made any preferential allotment/private placement of shares or fully orpartly convertible debentures during the year under review.

(xv) According to the information and explanations given to us the non-cashtransactionswith directors or persons connected with them in our opinion provisions ofSection 197 have been complied with.

For Govind Prasad & Co.
Chartered Accountants
Mumbai (Govind Prasad)
May 17 2016 Proprietor
Membership No. 047948
Firm Registration No. 114360W

Annexure - B to the 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 ConartEngineers Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 authorisations 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.

Opinion

In our opinion the Company has in all material respects except otherwise stated inthe financial statement an adequate internal financial controls system over financialreporting and such internal financial controls over financial reporting were operatingeffectively as at March 31 2016 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

For Govind Prasad & Co.
Chartered Accountants
Mumbai (Govind Prasad)
May 17 2016 Proprietor
Membership No. 047948
Firm Registration No. 114360W