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Madhav Copper Ltd.

BSE: 538398 Sector: Metals & Mining
NSE: MCL ISIN Code: INE813V01014
BSE 05:30 | 01 Jan Madhav Copper Ltd
NSE 00:00 | 23 Apr 321.75 -4.25
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Madhav Copper Ltd. (MCL) - Auditors Report

Company auditors report

To

THE MEMBERS OF MADHAV COPPER LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying financial statements of MADHAV COPPER LIMITED ("theCompany") which comprise the Balance Sheet as at 31/03/2018 the Statement ofProfit and Loss the cash flow statementfor the year then ended and a summary of thesignificant 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 preparation ofthese financial statements that give a true and fair view of the financial position financial 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. Thisrespons also ibility includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design i mplementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial 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 pr esentation 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the accompanying financial statements give the i nformation required by theAct 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 31/03/2018 and its Profit and it's cash flows for theyear ended on tha date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors' Report) Order2016("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Companies Act 2013. We give in the Annexure A statements on the mattersspecified in p aragraphs 3 and 4 of the order to the extent applicable.

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 purposes of our audi t.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the cash flowstatement dealt with by 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 Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31/03/2018taken on record by the Board of Directors none of the directors is disqualified as 31/03/2018from being appointed as a director in terms of Section 164 (2) of the Act.

(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".

(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 according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For NIRAV PATEL & CO.
(Chartered Accountants)
Firm Reg. No. 134617W
SD/-
Nirav B. Patel
Partner Place: Bhavnagar
M. No. 149360 Date: 28/05/2018

ANNEXURE - A

Reports under The Companies (Auditor's Report) Order 2016 (CARO 2016) for the yearended on 31st March 2018

To

The Members of MADHAV COPPER LIMITED

(1) In Respect of Fixed Assets

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

(b) As explained to us fixed assets have been physically verified by the management atregular intervals; as informed to us no material discrepancies were noticed on suchverification;

(c) During the year the Company has not disposed off any substantial /major part offixed assets.

(2) In Res of Inventories pect

(a) As per the information and explanations given to us the inventories have beenphysically verified by the management at reasonable intervals during the year.

(b) In our opinion and as per the information and explanations given to us proceduresof physical verification of inventory followed by the management are reasonable andadequate in relation to the size of the Company and nature of its business.

(3) Compliance under section 189 of The Companies Act 2013

As informed by the company company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act 2013 in the current year. Accordingly Clause (iii) (a) (b) and (c)are not applicable to the company.

(4) Compliance under section 185 and 186 of The Companies Act 2013

While doing transaction for loans investments guarantees and security provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

(5) Compliance under section 73 to 76 of The Companies Act 2013 and Rulesframed there under while accepting Deposits

According to information and explanation provided to us. The company has not acceptedany public deposits as covered under section 73 to 76 of the act. Also no order from CLBor NLT or RBI or any other court has passed in this regard.

(6) Maintenance of cost records

We have broadly reviewed the books of account relating to materials labour and otheritems of cost maintained by the Company pursuant to the rules made by the CentralGovernment for the maintenance of cost records under sub–section (l) of section 148of the Companies Act 2013 and we are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. We have not however made a detailedexamination of records with a view to determine whether they are accurate and complete.

(7) Deposit of Statutory Dues

According to the information and explanations given to us and based on the records ofthe company examined by us save and except the item reported in last in this para of thisnote the company is generally regular in depositing the undisputed statutory duesincluding Income-tax Salestax - Wealth Tax Service Tax and other material statutorydues as applicable with the appropriate authorities in India; There is no dues which isoutstanding for more than six month then they become payable.

(8) Repayment of Loans and Borrowings

The company has not defaulted in repayment of dues to financial institution or a bank.

(9) Utilization of Money Raised by Public Offers and Term Loan For which theyRaised

In our Opinion and according to the information and explanation given to us Companyhas not raised money by way of public offers during the current financial year howevermoney raised by way of public officer during previous financial year has been utilised forthe purpose for which they were raised. However money raised by way of term loan i.e.Truck loan has been applied by the company for the purpose for which they were raised andanother term loans i.e. car loan has been paid by company which is owned in the name ofdirectors and used for the purpose of business of the company.

(10) Reporting of Fraud During the Year

Based on our audit procedures and the information and explanation made available to usno such fraud noticed or reported during the year by any officials or employee.

(11) Managerial Remuneration

Managerial remuneration has been paid or provided within the limit of provisions ofsection 197 read with Schedule V to the Companies Act 2013.

(12) Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio

The company is not Nidhi Company hence reporting under this clause is not applicable.

(13) Related party compliance with Section 177 and 188 of companies Act –2013

In our opinion and a ccording to the information and explanation given to us thecompany is in compliance with section 188 and 177 of the companies Act 2013 whereapplicable for all the transactions with the related parties and the details of relatedparty transactions have been disclosed in the note no.1 of financial statements asrequired by the applicable accounting standards.

(14) Compliance under section 42 of Co mpanies Act - 2013 regarding Privateplacement of Shares or Debentures

During the year under review the company has not made private placement of shares ordebentures and hence reporting under this clause is not applicable.

(15) Compliance under section 192 of Companies Act – 2013

In our opinion and accord to the information ing and explanation given to us duringthe year the company has not entered into any noncash - transactions with directors orpersons connected with him hence reporting under this clause is not applicable.

(16) Requirement of Registration under 45-I of Reserve Bank of India Act 1934

The company is not required to be registered under section 45-I of the Reserve Bank oflndia Act 1934.

For NIRAV PATEL & CO.
(Chartered Accountants)
Firm Reg. No. 134617W
SD/-
Nirav B. Patel
Partner Place: Bhavnagar
M. No. 149360 Date: 28/05/2018

ANNEXURE – B

"Annexure B" to the Independent Auditor's Report of even date on theStandalone Financial Statements of MADHAV COPPER LIMITED

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

We have audited the internal financial controls over financial reporting of MADHAVCOPPER LIMITED ("The Company") as of 31st March 2018 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 Co considering the essential components of internal control stated inthe Guidance Note on Audit of Internal Financial Controls over Financial Reporting issuedby the Institute of Chartered Accountants of India. These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 control system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reportingassessing the risk that a material weakness exists and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend upon on theaudi judgement tor's including the assessment of the risks of material misstatement ofthe 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 fi nancial 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 31st March 2018based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issues by the Institute ofChartered Accountants of India.

For NIRAV PATEL & CO.
(Chartered Accountants)
Firm Reg. No. 134617W
SD/-
Nirav B. Patel
Partner Place: Bhavnagar
M. No. 149360 Date: 28/05/2018