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M.D. Inducto Cast Ltd.

BSE: 539226 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE027T01015
BSE LIVE 12:56 | 24 Aug 146.00 0
(0.00%)
OPEN

149.25

HIGH

149.40

LOW

146.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 149.25
PREVIOUS CLOSE 146.00
VOLUME 8000
52-Week high 178.00
52-Week low 35.00
P/E 61.34
Mkt Cap.(Rs cr) 352
Buy Price 145.25
Buy Qty 2000.00
Sell Price 149.50
Sell Qty 2000.00
OPEN 149.25
CLOSE 146.00
VOLUME 8000
52-Week high 178.00
52-Week low 35.00
P/E 61.34
Mkt Cap.(Rs cr) 352
Buy Price 145.25
Buy Qty 2000.00
Sell Price 149.50
Sell Qty 2000.00

M.D. Inducto Cast Ltd. (MDINDUCTO) - Auditors Report

Company auditors report

To

The Members

M. D. INDUCTO CAST LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of M. D. INDUCTO CAST LIMITED [Formerlyknown as M. D. INDUCTO CAST PRIVATE LIMITED ] ('the Company^ which comprise thebalance sheet as at 31 March 2016 the statement of profit and loss and the cash flowstatement for the year then ended and a summary of significant accounting policies andother explanatory information.

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 the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls 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 andthe 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 a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion 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 31stMarch 2016 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 section 143 ofthe Act we give in the Annexure 1 statement on the matters specified in the paragraph 3and 4 of the Order to the extent applicable.

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 purposes of our audit.

b. in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c. the balance sheet the statement of profit and loss and the cash flow statementdealt with 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 the written representations received from the directors as on 31March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act; and

f. 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 the best of our information and according to the explanations given to us:

i. the Company does not have any pending litigation which would impact its financialposition.

ii. the Company did not any long term contracts including derivative contracts forwhich there were any material foreseeable losses and

iii. There has been no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For P. D. Goplani & Associates
Chartered Accountants
FRN: 118023W
CA. Sonam Langalia
Place: Bhavnagar Partner
Date: May 27 2016 M. No. 154014

Annexure to Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the financial statements for the year ended 31 March 2016 we report that:

i) a) The Company has maintained proper records showing the full particulars includingthe quantitative details and situation of its fixed assets.

b) All the assets have not been physically verified by the management during the yearbut as per the information and explanations provided to us there is a regular programmeof physical verification which in our opinion is reasonable having regard to the size ofthe Company and the nature of its assets. No material discrepancies were noticed on suchverification.

c) According to information and explanations given by the management the title deedsof immovable properties included under fixed assets are held in the name of the Company.

ii) The inventory has been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable and no material discrepancieswere noticed on such physical verification.

iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii)(a) (b) and (c) of theOrder are not applicable to the Company and hence not commented upon.

iv) In our opinion and according to the information and explanations given to us thecompany has not made any investments under section 186 of the Companies Act 2013. In ouropinion and according to the information and explanations given to us the company hasprovided guarantee to the persons covered u/s 185 of the Companies Act 2013 in whichDirectors are interested for Bank Working Capital Finance availed by them of Rs. 88.00Crores. However provisions of section 186 of the Companies Act 2013 have been compliedwith.

v) According to the information and explanations given to us the company has notinvited any deposits as per the provisions of section 73 to 76 or any other relevantprovisions of companies act and the rules framed there under.

vi) We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the Central Government for the maintenance of cost records under section148(1) of the Companies Act 2013 and are of the opinion that prima facie the specifiedaccounts and records have been made and maintained. We have not however made a detailedexamination of the same.

vii) a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and other material statutory duesapplicable to it. The provisions relating to employees' state insurance are not applicableto the Company.

b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income-tax service tax sales-tax duty of customsduty of excise value added tax cess and other material statutory dues were outstandingat the year end for a period of more than six months from the date they became payable.The provisions relating to employees' state insurance are not applicable to the Company.

c) According to the records of the Company the dues outstanding of income-tax sales-tax wealth-tax service tax duty of customs duty of excise value added tax and cess onaccount of any dispute are as follows:

viii) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to banks and financialinstitution. The Company has not taken any loan from government.

ix) In our opinion and according to the information and explanations given to us themoneys raised by way of initial public offer and term loans were applied for the purposesfor which those are raised.

x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given bythe management we report that no fraud by the Company or material fraud on the Company byits officers or employees has been noticed or reported during the year.

xi) According to the information and explanations given by the management we reportthat the managerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company and hence not commented upon.

xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

xiv) According to the information and explanations given to us by the management forpreferential allotment / private placement of shares the requirement of section 42 of theCompanies Act 2013 have been complied with and the amount raised have been used for thestated purposes except for the fact that pending the final utilization for the statedpurposes the funds were temporarily used for the prudent business purposes in the interimperiod.

xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with him and hence provisions of section 192 of the Act arenot applicable.

xvi) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For P. D. Goplani & Associates
Chartered Accountants
FRN: 118023W
CA. Sonam Langalia
Place: Bhavnagar Partner
Date: May 27 2016 M. No. 154014