The Members of
Hardcastle and Waud Manufacturing Company Limited Report on the Financial Statements
We have audited the accompanying financial statements of Hardcastle and WaudManufacturing Company Limited ("the Company") which comprise the Balance Sheetas at March 31st 2017 and the Statement of Profit and Loss and Cash Flow Statement forthe year then ended and a summary of significant accounting policies and other explanatoryinformation.
Management's Responsibility 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 ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withprovisions of the Act for safeguarding of assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring accuracy and completeness of the accounting recordsrelevant to preparation and presentation of the financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account provisions of the Act accounting and auditing standardsand matters which are required to be included in the audit report under provisions of theAct and the Rules made thereunder.
We have conducted our audit in accordance with the Standards on Auditing specifiedunder section 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 procedures selected depend on the auditor'sjudgment including assessment of 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 andpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for purpose of expressing an opinion oneffectiveness of the entity's Internal Control. An audit also includes evaluatingappropriateness of accounting policies used and reasonableness of the accounting estimatesmade by the Company's Directors as well as evaluating overall presentation of thefinancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 2017 and its profit and its 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 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section143 ofthe Act we give in Annexure "A" hereto a statement on the matters specified inparagraph 3 of the Order to the extent applicable.
2. As required by section143(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 Statement of Profit and Loss and Cash Flow Statement dealt withby 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 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 adequacy of the internal financial controls over financial reportingof the Company and operating effectiveness of such controls refer to our separate reportin "Annexure B"; and
g) In our opinion and to best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:
i) The Company has disclosed impact of pending litigations on its financial position inits financial statements ( Refer Note no.23.1 of the financial statements );
ii) The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise;
iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company and
iv) The Company has provided requisite disclosures in its financial statements ( refernote 23.11 thereof ) as to holdings as well as dealings in Specified Bank Notes during theperiod from 8 November 2016 to 30 December 2016 and these are in accordance with thebooks of accounts maintained by the Company .
| ||For GMJ & co |
| ||Chartered Accountants |
| ||Firm No. 103429W |
| ||(CA Atul Jain) |
|Place : Mumbai ||Partner |
|Date: 29/05/2017 ||M. No. 037097 |