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Kachchh Minerals Ltd.

BSE: 531778 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE059E01010
BSE LIVE 12:29 | 14 Jul Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.15
PREVIOUS CLOSE 3.10
VOLUME 200
52-Week high 3.36
52-Week low 2.01
P/E
Mkt Cap.(Rs cr) 2
Buy Price 3.15
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.15
CLOSE 3.10
VOLUME 200
52-Week high 3.36
52-Week low 2.01
P/E
Mkt Cap.(Rs cr) 2
Buy Price 3.15
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Kachchh Minerals Ltd. (KACHCHHMINERALS) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

M/s. KACHCHH MINERALS LIMITED

Mumbai

Report on the Financial Statements

We have audited the accompanying financial statements of M/s KACHCHH MINERALSLIMITED ("the company") which comprises the Balance Sheet as at 31 March2016 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary 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 andpresentation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 provision 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 internalfinancial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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 the auditor'sjudgment 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 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 is su? cient 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 of the state of affairs of the Company as at 31March 2016 and its Profit and its Cash Flows for the year ended on that date.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements: a)Note 19.15.05 regarding non-ascertainment as well as non-provision of retirement benefitssuch as gratuity and leave encashment as required by accounting standard (AS 15) issued bythe Institute of Chartered Accountants of India b) Note 19.15.07 regardingnon-ascertainment of impaired assets as required by accounting standard (AS 28) issued bythe Institute of Chartered Accountants of India.

Report on other Legal and Regulatory Requirements

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 section 143(3)of the Companies Act 2013 we give the annexure a statement on the matters specified inthe paragraph 3 and 4 of the order to the extent applicable.

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 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.

FOR SAMIR GANDHI & CO.

Chartered Accountants

CA. SAMIR GANDHI

Proprietor

Membership No 121330

Place : MUMBAI

Date : 30th May 2016

ANNEXURE TO THE AUDIT REPORT

Report on the Financial Statements

The Annexure referred to in our Independent Auditor's Report to the Members of theCompany on the Financial Statements for the year ended 31 March 2016 we report that:

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

(b) We are informed that all the major assets have been physically verified by themanagement during the year No material discrepancies were noticed on such verification ofFixed Assets during the year.

(ii) (a) According to information and explanations given to us the Company hasconducted physical verification of inventories at reasonable intervals.

(b) According to information and explanations given to us the procedure of physicalverification of inventories carried on by the management appears to be reasonable andadequate in relation to its size and nature of its business.

(c) According to information and explanations given to us the company is maintainingproper records of inventory; no material discrepancies were noticed between physicalverification of stock as compared to book records.

(iii) The Company has not granted any loans Secured or unsecured to Companies Firms orother parties covered in the registered maintained under section 189 of the Companies Act2013 ('the Act').

(a) According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms or other parties. Thereforethe provisions of clause iii (b) of paragraph (3) of order are not applicable.

(b) According to the information and explanation given to us the company has notgranted any loans. Therefore provisions of clause iii (c) of paragraph (3) of the orderare not applicable.

(iv) In our opinion and according to the information and explanation given to us thereare Adequate internal control procedures commensurate with the size of the company andNature of its business with regard to purchase of inventories stores spare partscomponents fixed assets including plant & machinery equipment and other assets andWith regards to sale of goods. There is no continuing failure to correct major weakness ininternal control of company.

(vi) In our opinion and according to the information and explanation given to us theCentral Government has not prescribed the maintenance of cost records under section 148(1)of the Act for the products of the Company.

(vii) According to information and explanation given to us and the records of thecompany examined by us the company has generally been regular in depositing with theappropriate authorities is undisputed dues including income tax value added tax royaltyand other material statutory dues as applicable to it. The royalty amount of Rs.558066/- is shown as payable and outstanding on account of non-clarification of royaltypayable by the concerned dept. of the govt.

(viii) The accumulated losses at the end of financial year 2015-2016 are more than 50%of Company's net worth. The Company has incurred cash losses during the period covered bythe report and the financial year immediately preceding such financial year.

(ix) According to information and explanation given to us by the management thecompany has not defaulted in repayment of dues to financial institutions banksandDebenture holders.

(x) According to information and explanation given to us the Company has not given anyguarantee for loan taken by others from banks and financial institutions the terms andconditions whereof are prejudicial to the interest of the company.

(xi) According to information and explanation given to us no term loan has beenavailed by the company.

(xii) According to information and explanation given to us no fraud on or by thecompany has been noticed or reported during the year.

(xiii) In our opinion and according to the information and explanations given to usthe company has not raised any money by way of initial public offer or further publicsoffer (including debt instrument) and money raised by way of term loans during the yearhave been applied for the purposes for which they were raised.

(xiv) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the company or on the company by its officers or employeesnoticed or reported during the year nor have been informed of any such case by themanagement.

(xv) According to the records of the company examined by us and information andexplanations given to us the company has paid/provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith schedule v to the Act.

(xvi) In our opinion and according to the information and explanation given to us thecompany is not a Nidhi company and the Nidhi Rules 2014 are not applicable to it.

(xvii) According to the information and explanation given to us and based on ourexamination of the records of the company. Transactions with the related parties are incompliance with sections 177 and 188 of the Act and details of such transactions have beendisclosed in the financial statements as required by the applicable accounting standards.

(xviii) According to the records of the company examined by us and information andexplanations given to us the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

(xix) According to the records of the company examined by us and information andexplanations given to us the company has not entered into non-cash transactions withdirectors or persons connected with him.

(xx) The company is not required to be registered under section 45-lA of the Reservebank of India Act 1934.

FOR SAMIR GANDHI & CO.

Chartered Accountants

SAMIR GANDHI

Proprietor

Membership No 121330

Place : MUMBAI

Date :30thMay 2016