Macpower CNC Machines Limited
-Report on the Financial Statements:
We have audited the accompanying Financial Statements of Macpower CNC MachinesLimited which comprise the Balance Sheet as at 31st March 2018 and the Statement ofProfit & Loss the Cash Flow Statement for the year then ended and a summary ofsignificant accounting 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 preperation of thesefinancial 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 Standards specified under section133 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 of 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 accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our qualified audit opinion on the financial statements.
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:
i. in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2018; and
ii. in the case of the Profit & Loss Account of the Profit for the period ended onthat date.
-Report on Other Legal and Regulatory Requirements:
As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of powers conferred by Section 143(11) of the Companies Act2013 (18 of 2013) We give in the Annexure "A" statement on the mattersspecified in paragraphs 3 and 4 of the order
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 accounts as required by law have been kept by theCompany so far as it appears from our examination of the books.
C. The Balance Sheet and the Profit & Loss A/c. dealt with by this report are inagreement 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 Rule 7 of the Companies(Accounts) Rules 2014.
E. On the basis of written representations received from the Directors of the Companyas on 31st March 2018 taken on record by the Board of Directors none of the directorsis disqualified as on 31st March 2018 from being appointed as a director in terms ofSection 164(2) of the Act.
With respect to the adequacy of internal financial controls over financial reporting ofthe company and operative effectiveness of such controls refer to our separate report inAnnexure B to this report; and
With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:
A. The Company does not have any pending litigations which would impact its financialposition.
B. The Company did not have any long term contracts including derivative contracts forwhich there were any foreseeable losses.
C. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
For S. C. Makhecha & Associates
Firm Regn. No. 120184W
Sanat C. Makhecha