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Creative Castings Ltd.

BSE: 539527 Sector: Engineering
NSE: N.A. ISIN Code: INE146E01015
BSE LIVE 11:20 | 23 Nov 143.85 0
(0.00%)
OPEN

143.85

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143.85

LOW

143.85

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 143.85
PREVIOUS CLOSE 143.85
VOLUME 4
52-Week high 143.85
52-Week low 36.20
P/E 7.16
Mkt Cap.(Rs cr) 19
Buy Price 143.85
Buy Qty 9274.00
Sell Price 0.00
Sell Qty 0.00
OPEN 143.85
CLOSE 143.85
VOLUME 4
52-Week high 143.85
52-Week low 36.20
P/E 7.16
Mkt Cap.(Rs cr) 19
Buy Price 143.85
Buy Qty 9274.00
Sell Price 0.00
Sell Qty 0.00

Creative Castings Ltd. (CREATIVECASTING) - Auditors Report

Company auditors report

To

The Members of

CREATIVE CASTINGS LTD.

Report on the Financial Statements

We have audited the accompanying Financial Statements of CREATIVE CASTINGS Limited("the Company") which comprise of the Balance Sheet as at 31st March-2017 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 Responsibilities for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act') with respect to 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 Accounting Standards specified under Section 133 ofthe Companies Act 2013 ("the Act") read with the Rule 7 of the Companies(Accounts) Rule 2014. This responsibility also includes the maintenance of adequateaccounting records in accordance with the provision of the Act for safeguarding of theassets of the Company and for preventing and detecting the fraud and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial control that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

While conducting the audit we have taken into account the provision of the Act theaccounting and auditing standard and Matters which are required to be included in theaudit 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 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedure selected depends on the auditors'judgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments; the auditorconsiders internal financial control relevant to the company's preparation of thefinancial statements that give true and fair view in order to design audit procedure thatare appropriate in the circumstances. An audit also include evaluating the appropriatenessof accounting policies used and the reasonableness of the accounting estimates made byCompany's Directors as well as evaluating the overall presentation of the financialstatements.

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 31stMarch 2017 ;

(b) in the case of the Statement of Profit and Loss of the Profit for the year endedon that date; and

(c) in the case of the Cash Flow Statement of the Cash Flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the order")issued by the Central Government of India in terms of section 143 (11) of the Act we givein the‘Annexure - A' a statement on the matters specified in paragraphs 3 and 4 ofthe 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 purpose 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 Accounts.

d. in our opinion the aforesaid financial statements comply with the AccountingStandards 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 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms ofsection 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 other matters to be included in the Auditors' Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

i) the Company does not have any pending litigations which would impact its financialposition;

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 tothe Investor Education and Protection Fund by the Company;

iv) the Company has provided requisite disclosure in its Financial Statements as toholding as well as dealing in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books ofaccounts maintained by the Company. Refer Note 17.1 to the Financial Statements.

For Subhash Akbari & Co.
Firm Registration No. 124349W
Chartered Accountants
Place: Junagadh
Date: 29th May 2017
Subhash K. Akbari
Proprietor
M. No. 114659

CREATIVE CASTINGS LIMITED ANNEXURE - A TO THE AUDITORS' REPORT

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the financial statements for the year ended on 31st March 2017 we reportthat:

i) In respect of its fixed assets :

a) The Company has maintained proper records showing full particulars includingquantitative details and situations of its Fixed Assets.

b) The fixed assets have been physically verified by the management at reasonableintervals; no material discrepancies were noticed on such verification.

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

ii) In respect of its Inventories:

a) As explained to us physical verification of Inventory has been conducted atreasonable intervals by the management.

b) No material discrepancy was noticed on physical verifications of stocks by themanagement as compared to the books records.

iii) The Company has not granted any loans secured or unsecured to Companies firmLimited Liability Partnerships or other parties covered in the register maintained u/s 189of the Companies Act.

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.

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 Act with respectto the loans and investments made.

v) The Company has not accepted any deposit from the public.

vi) Maintenance of cost records has not been specified by the central government undersub-section (1) of section 148 of the Companies Act 2013.

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 is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund ESIC income-tax sales tax service tax duty ofcustom duty of excise value added tax cess and other material Statutory dues to theappropriate authorities.

According to the information and explanations given to us and based on the records ofthe Company examined by us no undisputed amount of statutory dues were outstanding as at31st March 2017 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 recordsof the company examined by us there are no material dues of provident fund ESICIncome-Tax Sales-Tax Value Added Tax Service-Tax Custom Duty and Excise Duty whichhave not been deposited with the appropriate authorities on account of any dispute.

viii) The Company does not have any loans & borrowing from any financialinstitutions banks government or debenture holders during the year Accordinglyparagraph 3 (viii) of the order is not applicable.

ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instrument) and term loans during the year. Accordinglyparagraph 3(ix) of the order is not applicable.

x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of audit.

xi) According to the information and explanations given to us and based on theexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provision ofsection 197 read with schedule V of the Act.

xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii) According to the information and explanations given to us and based on ourexamination of records of the Company transactions with the related parties are incompliance with section 177 and 188 of Act where applicable and details of suchtransactions have been disclosed in the Financial Statements as required by the applicableaccounting standards.

xiv) According to the information and explanations given to us and based on ourexamination 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 year.

xv) According to the information and explanations given to us and on the based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Subhash Akbari & Co.
Firm Registration No. 124349W
Chartered Accountants
Place: Junagadh
Date: 29th May 2017
Subhash K. Akbari
Proprietor
M.No. 114659

CREATIVE CASTINGS LIMITED 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 CREATIVECASTINGS LIMITED ("the Company") as of 31st March 2017 inconjunction with our audit of the financial statements of the Company for the year 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 (TCAT). 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 assets theprevention 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 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 were 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations of themanagement 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 periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree 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 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Subhash Akbari & Co.
Firm Registration No. 124349W
Chartered Accountants
Place: Junagadh
Date: 29th May 2017
Subhash K. Akbari
Proprietor
M. No. 114659