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Dekson Castings Ltd.

BSE: 780006 Sector: Engineering
NSE: N.A. ISIN Code: INE465Q01013
BSE 05:30 | 01 Jan Dekson Castings Ltd
NSE 05:30 | 01 Jan Dekson Castings Ltd

Dekson Castings Ltd. (DEKSONCASTINGS) - Auditors Report

Company auditors report

To

The Shareholders Dekson Castings Ltd

Report on the Financial Statements

We have audited the accompanying financial statements of Dekson Castings Ltd whichcomprise the Balance Sheet as at March 31 2019 and the Statement of Profit andLoss and Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other 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 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 referredspecified 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 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 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 in the financialstatements whether due to fraud or error.

In making those risk assessments the auditor considers internal control relevant tothe Company's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial control system over financial reporting and the operating effectivenessof such controls. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors 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.

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:

a) In the case of the Balance Sheet of the "State of Affairs" of thecompany as at March 31 2019; and

b) In the case of the Statement of Profit and Loss of the "Profit"for the year ended on that date;

c) In the case of the Cash Flow Statement of the "Cash flows" for theyear 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.

2. As required by section 143 (3) of the Act we report that: a) We havesought and 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) Since the company does not have any branches the report on the accounts of thebranch offices audited by other auditor u/s 143 (8) of the Act is not applicable.

d) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealtwith by thisReport are in agreement with the books of account

e) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards specified under section 133 of the Actreadwith Rule 7 of the Companies (Accounts) Rules 2013; f) We have no observations orcomments on financial transactions or matters which may have any adverse effect on thefunctioning of the company

g) On the basis of written representations received from the directors as on March31 2019 and taken on record by the Board of Directors none of the directors isdisqualified as onMarch 31 2019 from being appointed as a director in terms of section164(2) of the Act.

h) Qualification reservation or adverse remark relating to the maintenanceofaccounts and other matters connected therewith:

We have no qualification reservation or adverse remark relating to the maintenanceofaccounts and other matters connected therewith.

i) 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 has disclosed the impact of pending litigations on its financial positioninits financial statements Refer Note 23(II) to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there wereany material foreseeable losses

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

For Indapurkar&Mundada

Chartered Accountants

FRN: 118855W

AvinashK.Mahamuni

Partner

M. NO. 117992

Place :- Aurangabad

Date:. 01/06/2019

ANNEXURE "A" TO AUDITOR'S REPORT [Referred to in our report of even date]

According to the information & explanations given to us

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

b) The Company has a regular program of physical verification of fixed assets which inour opinion is reasonable having regard to the size of the Company and nature of itsassets. In accordance with this program fixed assets verification has been carried outduring the month of March -19 and no material discrepancies were noticed.

2) a) The Inventory has been physical verified during the year by the management in themonth of March-19. In our opinion the frequency of verifications is reasonable.

b) The procedures of physical verifications of inventories followed by the Managementare reasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c) The Company is maintaining proper records of inventory. The discrepancies noticed onphysical verification of the stocks and the book stock were not material.

3) The company has not granted any loans secured or unsecured to company firms orother parties covered in the register maintained u/s 189 of the Companies Act2013.However advances (Rent Deposits) against properties of Directors totaling to Rs.29.04 Lakhs is given. It is informed by the company that thisdeposit is given to Directorsfor Repairs & Maintenance of the property rented to the compnay.

(a) No receipt of the principal amount and interest against these loans has beenreceived by the company during the financial year

(b) The company plans to recover this amount over the period of three years throughadjustment of rent payable.

4) In our opinion the company has adequate internal control procedures commensuratewith the size of the company and nature of its business for the purchases of inventories& fixed assets & for sale of goods & services. Further there was no continuingfailure on the part of the company to correct major weaknesses in internal control.

5) The company has not accepted deposits from the public during the financial year ascovered under u/s 73 to 76 or any other relevant provisions of the Companies Act 2013 andthe rules framed there under.

6) The Company is not liable for the maintenance of cost records under section 148 (1)of the Act

7) a) The company has been generally regular in depositing undisputed statutory dueslike PF VAT Service TaxGST etc. with the appropriate authorities and no dues arepending to be paid for a period of more than 6 month since they became payable.

b) According to the information and explanations given to us there are no dues ofsales tax income tax wealth tax excise dutyGST and cess which have not been depositedon account of any dispute.

c) No amount required to be transferred to investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesmade there under.

8) The company does not have any accumulated losses as at the end of the financial year& also in the financial year immediately preceding the current financial year.

9) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of any term loan availed from financialinstitutions and banks.

10) As per the information and explanations given to us the company has not given anyguarantee for loans taken by others from banks or financial institutions.

11) The Company has applied the funds from term loans for the purpose for which theloans were obtained.

12) According to the information and explanations given to us no material fraud on orby the company has been noticed or reported during the year.

For Indapurkar&Mundada

Chartered Accountants

FRN: 118855W

AvinashK.Mahamuni

Partner

M. NO. 117992

Place :- Aurangabad

Date:.01/06/2019