To the Members of M.M. FORGINGS LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of MM FORGINGS LIMITED ("theCompany") which comprises the Balance Sheet as at March 312016 and the Statementof Profit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Board of Directors are responsible for the matters stated in section 134(5) of theCompanies Act 2013 (The Act) with respect to the preparation of these stand alonefinancial 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 standard specified in section 133 ofThe Act read with rule 7 of the Companies (Accounts) Rules 2014. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safe guarding of the assets of the company and for preventing and detectingfrauds and other irregularities selection and application of appropriate accountingpolicies making judgements and estimates that are reasonable and prudent and design andimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these stand alone financial statementsbased on our audit.
We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the Auditors report underthe provisions of the Act and rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those standards require that the Report complies with ethicalrequirements and we plan and perform the Audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors 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 Companyspreparation of the financial statements that give a 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 the Companys Directors as well as evaluating the overall presentation 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 stand alone financial statements.
1) In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the companyas at 31st March 2016 and its profit and cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the Central Government in terms of sub sub-section 11 of section143 of the Act we give in the Annexure B a statement on the matters specified inparagraphs 3 and 4 of the said 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 it appears from our examination of these 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 stand alone financial statements comply with theAccounting Standards specified under section 133 of the Act read with rule 7 of theCompanies (Accounts Rules 2014).
e) On the basis of written representations received from the Directors as on March312016 and taken on record by the Board of Directors none of the Directors isdisqualified as on March 312016 from being appointed as a Director in terms of section164(2) of the Act.
f) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according the explanations given to us :
i) The Company does not have any pending litigation which would impact its financialposition.
ii) The Company did not have any long term contract including derivative contract forwhich there were any material foreseeable losses.
iii) There has been no delay in transferring the amounts required to be transferred tothe investor education and protection fund.
| ||For G. Ramesh Kumar & Co |
| ||Chartered Accountants |
| ||FRN: 00301 OS |
| ||G. Ramesh Kumar |
|Place : Tiruchirapalli ||Partner |
|Date : 09 May 2016 ||Membership No. 200/18663 |