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Narmada Macplast Drip Irrigation Systems Ltd.

BSE: 517431 Sector: Industrials
NSE: N.A. ISIN Code: INE060D01010
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Narmada Macplast Drip Irrigation Systems Ltd. (NARMADAMACPLAST) - Auditors Report

Company auditors report

To

The Members of

Narmada Macplast Drip-irrigation Systems Limited

1. Report on the Financial Statements

We have audited the accompanying financial statements of Narmada MacplastDrip-irrigation Systems Limited which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

2. Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in the section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

3. 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 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 misstatement.

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 control relevant to the Company's preparation of the financialstatements that give true and fair view in order to design audit procedure that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial control system overfinancial 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 presentations 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 financial statements.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India; of the state of the affairs of the company as at31st March 2016 and its profits and cash flows for the year ended on that date.

5. Report on Other Legal and Regulatory Requirements

i. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the CentralGovernment of India in terms of section (11) of section 143 of theCompanies Act2015 we give in the "Annexure-A" a statement on the mattersspecified in the paragraphs 3 and 4 of the Order to the extent applicable.

ii. As required by section 143(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 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 financial statements comply with the AccountingStandards specified under section 133 of the Act read with the Rule 7 of the Companies(Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of section 164(2) of theAct.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

g. 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 accordance to the explanation given to us:

i. The company does not have any pending litigations which would impact its financialposition;

ii. The company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

For S. D. Mehta & Co.
Chartered Accountants
(Registration No. 137193W)
Shaishav D. Mehta
Date: 30th May 2016 Partner
Place: Ahmedabad Membership No.: 032891

Annexure-A to Independent Auditors' Report

Referred to in Paragraph 5(i) under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date.

1. In respect of Fixed Assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of its Fixed Assets.

b. All the Fixed Assets of the Company have been physically verified by the managementat reasonable period during the year and no material discrepancies have been noticed onsuch verification.

c. Title Deeds of immovable properties are held in the name of company.

2. Physical verification of inventory has been conducted at reasonable intervals by themanagement and no material discrepancies were noticed.

3. The Company has not granted loans secured or unsecured to one party covered in theRegister maintained under Section 189 of the Companies Act 2013 during the year underaudit.

4. In respect of loan investments guarantees and security provisions of section 185and 186 of the Companies Act 2013 have been complied with.

5. During the year the company has not accepted any deposits from public.

6. Company is not required to maintained cost records pursuant to section 148 (1) ofthe Companies Act 2013.

7. In respect of Statutory Dues:

a. According to the information and explanations given to us and the records examinedby us the Company is generally regular in depositing undisputed statutory dues includingIncome Tax Cess and any other statutory dues with the appropriate authorities.

According to the information and explanations given to us there are no undisputeddues payable in respect of above as at 31st March 2016 for a period of more than sixmonths from the date on which they became payable.

b. According to the information and explanations given to us and on the basis of ourexamination of books of account and record No disputed dues were outstanding as on31/03/2016.

8. In our opinion and according to the information and explanation given to us theCompany has not defaulted in repayment of dues to banks.

9. There were no moneys raised by way of initial public offer or further public offer(including debt instruments) during the year under audit and no term loans were obtainedduring the year under consideration. 10. To the best of our knowledge and according to theinformation and explanations given to us no material fraud on or by the Company has beennoticed or reported during the year.

11. The managerial remuneration has been paid and provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V of thecompanies act 2013.

12. The company is not a Nidhi company. As such The Nidhi rules 2014 are notapplicable.

13. All transactions with the related parties are in compliance with the sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in thefinancial statements as required by applicable accounting standards.

14. The company has not made any preferential allotment or Private placement of sharesof fully or partly convertible debentures during the year under review. 15. The companyhas not entered into any non cash transactions with directors or persons connected withit. 16. Company is not required to be registered u/s. 45-IA of the Reserve Bank of IndiaAct 1934.

For S. D. Mehta & Co.
Chartered Accountants
(Registration No. 137193W)
Shaishav D. Mehta
Date: 30th May 2016 Partner
Place: Ahmedabad Membership No.: 032891

Annexure-B to Independent Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of NarmadaMacplast Drip-irrigation Systems Limited ("the Company") as of 31 March 2016in conjunction with our audit of the financial statements of the Company for the yearended 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 Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a 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 policies 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 S.D. Mehta & Co.
Chartered Accountants
(Registration No. 137193W)
Shaishav D. Mehta
Date: 30th May 2016 Partner
Place: Ahmedabad Membership No.: 032891