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Midwest Gold Ltd.

BSE: 526570 Sector: Others
NSE: N.A. ISIN Code: INE519N01014
BSE LIVE 10:30 | 17 Nov 12.50 0
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.50
PREVIOUS CLOSE 12.50
VOLUME 20
52-Week high 12.50
52-Week low 11.55
P/E
Mkt Cap.(Rs cr) 4
Buy Price 12.50
Buy Qty 441.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.50
CLOSE 12.50
VOLUME 20
52-Week high 12.50
52-Week low 11.55
P/E
Mkt Cap.(Rs cr) 4
Buy Price 12.50
Buy Qty 441.00
Sell Price 0.00
Sell Qty 0.00

Midwest Gold Ltd. (MIDWESTGOLD) - Auditors Report

Company auditors report

To the Members of MIDWEST GOLD LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of MIDWEST GOLDLIMITED ("the Company") which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone F inancial 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 standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatements whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the 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 we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.

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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation 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 the accounting policies used and the reasonableness ofthe accounting estimates made by Company’s Directors as well as evaluating theoverall 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 standalone financial statements.

Opinion

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 31 March 2016 and its loss and its cash flow 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure "A" a statement on the mattersspecified in paragraphs 3 and 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 purpose of our audit. b) in our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books; c) the balance sheet statement of profit andloss and cash flow statement dealt with by this Report are in agreement with the books ofaccount; d) in our opinion the aforesaid standalone 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 the written representations receivedfrom the directors as on 31 March 2016 taken on record by the Board of Directors none ofthe directors is disqualified as on 31 March 2016 from being appointed as a director interms of section 164(2) of the Act; and f) with respect to the adequacy of the internalfinancial controls over financial reporting of the Company and the operating effectivenessof such controls refer to our separate report in "Annexure B" and g) withrespect to the other to be included in the Auditor’s Report in accordance with Rule11 of the Companies ( Audit and Auditors) Rules2014 in our opinion and to the best ofour information and according to the explanations given to us: i. the company hasdisclosed the impact of pending litigations on its financial position in its financialstatements; ii. The company has made provision as required under the applicable law oraccounting standards for material foreseeable losses if any on long term contractsincluding derivative coztracts. iii. There has been no delay in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Company.

For G.L.KOTHARI & Co.
CHARTEsRED ACCOUNTANTS
G.L.KOTHARI
PLACE : Bangalore PROPRIETOR
M. No. 25481 (Firm Registration No. 001445 S)
DATE : 30.05.2016

Annexure – "A" to the Independent Auditors’ Report

The Annexure referred to in our independent Auditors’ report to the members of thecompany on the standalone financial statements for the year ended 31 March 2016 we reportthat:

1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) A substantial portion of the fixed assets has been physically verified by themanagement during the year and in our opinion frequency of verification is reasonablehaving regard to the size of the Company and the nature of its assets.

No material discrepancies were noticed on such physical verification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

2. There is no inventory during the year hence no comments under this clause.

3. According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms and other parties covered inthe register maintained under section 189 of the Companies Act.

4. In Our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

5. The Company has not accepted any deposits from the public during the year underconsideration.

6. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the activities rendered by the Company.

7. According to the records of the Company and information and explanations given tous the Company has been regular in depositing undisputed statutory dues includingProvident Fund Employee’s State Insurance Income tax Sales Tax Wealth TaxService Tax Customs Duty Excise Duty Value Added Tax Cess and other statutory dueswith the appropriate authorities during the year. According to the information andexplanations given to us no undisputed amounts payable in respect of above were inarrears as at March 31 2016 for a period of more than six months from the date on whichthey become payable.

8. The company has not defaulted in payment of any loan installment or interest inrespect of term loans from bank. The company has not issued any debentures and taken theloan from financial institution.

9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loan during the year. Accordingly paragraph 3(ix) of the Order is not applicable.

10. To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the course of our audit.

11. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

12. In Our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the order is notapplicable.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered in to non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For G.L.KOTHARI & Co.
CHARTERED ACCOUNTANTS
G.L.KOTHARI
PROPRIETOR
M. No. 25481
(Firm Registration No. 001445 S)
PLACE : Bangalore
DATE : 30.05.2016

Annexure – "B" to the Independent Auditors’ Report

Report on the Internal Financial Controls under (i) Of Sub-section 143 of the CompaniesAct 2013 ("the Act")

We have audited the internal financial controls over financial reporting of MidwestGold Limited ("the Company") as of 31 March 2016 in conjunction with our auditof the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountant of India. (‘ICAI’).

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company’s polices thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143 (10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofinternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that

1. pertain to the maintenance of records that in reasonable details accurately andfairly reflect the transactions and dispositions of the assets of the company

2. provide reasonable assurance that truncations are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company and

3. Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company’s assets that could havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting.

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also Projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the polices or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting Issued by the Institute of CharteredAccountants of India.

For G.L.KOTHARI & Co.
CHARTERED ACCOUNTANTS
G.L.KOTHARI
PROPRIETOR
M. No. 25481
(Firm Registration No. 001445 S)
PLACE : Bangalore
DATE : 30.05.2016