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Madhav Copper Ltd.

BSE: 538398 Sector: Metals & Mining
NSE: MCL ISIN Code: INE813V01014
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Madhav Copper Ltd. (MCL) - Director Report

Company director report

To

The Members of

Madhav Copper Private Limited

Bhavnagar.

Your Directors have pleasure in presenting their 2th Annual report on theaffairs of the company together with audited statements of account prepared for the yearended 31st March'2014.

Financial Result:

PARTICULARS 2013-14 2012-13
Profit/(Loss) Before Taxation (6170686) -
Less : Provision for Taxation
1 .Current - ---
2.Deferred - ---
Profit/(Loss) after Taxation (6170686) -
Adding Thereto :
1 .Balance B/F from last year Balance Sheet -
2.Prior Year Adjustment Income / (Expenses) - -
Making a Total Amount available for appropriation of which - -
Has been appropriated as follows - -
Leaving Balance to be C/F (6170686) -

Dividend :

Due to Net Loss your directors do not propose any dividend for the period under review.

Conservation of Energy/Technology Absorption Research & Development:

The company has been taking continuous steps for conservation of energy.

Technology Absorption :

The company has obtained various safety machines of modern techniques.

Foreign Exchange Earning and Outgo : (Rs. In lacs)

2013-14 2012-13
Capital Goods Purchase - -
Raw Material purchase - -
Foreign Travelling - -
Earning in Foreign Currency - ---

financial statements. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.

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 atMarch 31 2014;

(b) In the case of the Statement of Profit and Loss of the loss of the Company for theyear ended on that date; and

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor’s Report) Order 2003 (the Order) issuedby the Central Government of India in terms of Section 227(4A) of the Act we give in theAnnexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act we report that:

a. We have obtained all. the information and explanations which to the best of ourknowledge 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 the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with Accounting Standards notified under the Act read withthe General Circular 15/2013 dated 13th September 2013 of the Ministry of CorporateAffairs in respect of Section 133 of the Companies Act 2013.

e. On the basis of the written representations received from the directors as on March31 2014 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of Section 274(i)(g) ofthe Act.

f. Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act 1956 nor has it issued anyrules under the said section prescribing the manner in which such cess to be paid nocess is due and payable by the company.

FOR M. K. MAKATI & CO.
CHARTERED ACCOUNTANTS
FR1^N0.105890W
PLACE: BHAVNAGAR '(ifl.K. MAKATI)
DATE : 23.07.2014 PROPRIETOR
M.No.038284

ANNEXURE TO AUDITORS' REPORT

Annexure referred to in paragraph 1 of the report of even date of the Auditor to themembers of MADHAV COPPER PVT. LTD. on the accounts for the year ended 31st March2014.

On the basis of such checks as we considered appropriate and in terms of informationand explanations given to us we state that:

(i) .ln respect of fixed assets :

a. The company has maintained proper records showing full particulars including detailsand situation of fixed assets.

b. As explained to us fixed assets are physically verified by the management atreasonable intervals in a phased manner in accordance with a programme of physicalverification.

Discrepancies noticed on such verification which were not material have been properlydealt with in the accounts.

c. No any fixed assets has been disposed off by the company during the year underreport.

(ii) .ln respect of inventories :

a. The inventories were physically verified by the management at reasonable intervalsduring the year.

b. ln our opinion and as explained to us the procedures of physical verification ofstock followed by the management are reasonable and adequate in relation to the size ofthe company and nature of its business.

c. The company has maintained proper records of its inventories and no materialdiscrepancies were noticed on physical verification.

(iii) . In respect of loans granted or taken to /from companies firms or other partiesin the

register maintained under section 301 of the Companies Act 1956.

a) The Company had taken unsecured loans from 2 parties in the register maintainedunder section 301 of the Companies Act 1956. The maximum amount involved during the yearwas Rs 130.00 lacs and the year end balance of loans taken from such parties was Rs 80.00lacs.

b) The company has not granted unsecured loans to the companies/firms covered in theregister maintained under section 301 of the companies Act 1956.

c) In our opinion the rate of interest and other terms and conditions on which loanshave been taken from the parties in the register maintained under section 301 of theCompanies Act 1956 are not prima-facie prejudicial to the interest of the Company.

d) The company has not granted any loan. There for question of receipt of the principalamount and interest does not arise.

e) There is no any overdue amount of loans granted to parties listed in the registermaintain under section 301 of the Companies Act 1956

(iv) . In our opinion and according to the information and explanations given to usthere are

adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to purchase of fixed assets. During the course of ouraudit no major weakness has been noticed in the internal controls.

(v) . In respect of transactions entered in the register maintained in pursuance ofsection 301 of

the Companies Act 1956 :

(a) Based on the audit procedures applied by us and according to the information andexplanations given to us no such contracts or arrangements entered by the companyreferred to in section 301 of the Act hence clause is not applicable.

(b) Being no such transaction clause is not applicable.

(vi) . Company has not accepted any public deposit hence the provisions of sections58AA of

the Companies Act 1956 and the Companies (Acceptance of Deposits) Rules 1975 withregard to the deposits accepted from the public hence this clause is not applicable to thecompany.

(vii) . The company does not have any formal internal audit system in view of therebeing

adequate internal check and internal control system commensurate with the size of thecompany and nature of its business.

(viii) . As informed to us the Central Government has not prescribed maintenance ofcost

records under section 209 (1) (d) of the Companies Act 1956.

(ix) . In respect of statutory and other dues:

a. The company has been regular in depositing undisputed statutory dues

Income Tax Sales TaxA/AT Custom Duty Excise Duty Cess and other statutory dues.

b. According to the information and explanations given to us no undisputed amountspayable in respect of income-tax wealth-tax sales-tax .custom duty and excise duty wereoutstanding as at 31st March 2014 for a period of more than six months from the date theybecame payable.

c. According to the records of the company there are no dues of sales-tax income taxcustom duty wealth tax excise duty / cess which have not been deposited on account ofany dispute.

(x) . Since the Company has not completed five years of registration hence this clauseis not

applicable.

(xi) . Based on our audit procedures and the information and explanations given to us

the Company has not defaulted in repayment of dues to financial institutions or banks.The company has not obtained any borrowings by way of debentures.

(xii) . The company has not grated loans or advances on the basis of security by way of

pledge of shares debentures and other securities.

(xiii) . In our opinion the company is not a chit fund or a nidhi/mutual benefit fund/

society. Therefore the provisions of clause 4 (xiii) of the order are not applicableto the company.

(xiv) . The company is not dealing in or trading in shares securities debentures andother

investments. Accordingly the provisions of clause 4(xiv) of the order are notapplicable to the company.

(xv) . According to the information and explanations given to us the company has not

given any guarantee for loans taken by others from banks and financial institutions.

(xvi) . As per the information and explanations given to us by the management thecompany has

applied the term loan for the purpose for which they were raised.

(xvii) . According to the information and explanations given to us and on an overallexamination

of the balance sheet of the Company funds raised on short-term basis prima faciehave not been used during the year for long-term investment. Similarly long- term fundsprima- facie have not been used to finance short-term assets except permanent workingcapital and temporary deployment pending application.

(xviii) . The company has not made any preferential allotment of shares to parties orcompanies

covered in the register maintained under section 301 of the Companies Act 1956.

(xix) . The company has not issued any debentures during the year hence provisions ofclause

4(xix) of the order is not applicable.

(xx) . The company has not raised any money through a public issue during the year.

(xxi) . To the best of our knowledge and belief and according to the information and

explanations given to us no fraud on or by the company was noticed or reported duringthe year.