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Mold-Tek Technologies Ltd.

BSE: 526263 Sector: Engineering
NSE: MOLDTECH ISIN Code: INE835B01035
BSE 12:24 | 20 Feb 42.75 1.30
(3.14%)
OPEN

42.85

HIGH

42.85

LOW

42.75

NSE 12:23 | 20 Feb 42.00 0.50
(1.20%)
OPEN

42.00

HIGH

42.00

LOW

41.55

OPEN 42.85
PREVIOUS CLOSE 41.45
VOLUME 23
52-Week high 63.00
52-Week low 37.10
P/E 13.28
Mkt Cap.(Rs cr) 119
Buy Price 42.00
Buy Qty 23.00
Sell Price 42.75
Sell Qty 80.00
OPEN 42.85
CLOSE 41.45
VOLUME 23
52-Week high 63.00
52-Week low 37.10
P/E 13.28
Mkt Cap.(Rs cr) 119
Buy Price 42.00
Buy Qty 23.00
Sell Price 42.75
Sell Qty 80.00

Mold-Tek Technologies Ltd. (MOLDTECH) - Auditors Report

Company auditors report

TO THE MEMBERS OF MOLD-TEK TECHNOLOGIES LIMITED

To

The Members of Mold-Tek Technologies Limited Report on the StandaloneIndian Accounting Standards (Ind AS) Financial Statements

We have audited the accompanying Standalone Ind AS Financial Statementsof Mold-Tek Technologies Limited ("the Company") which comprise the BalanceSheet as at 31st March 2018 the Statement of Profitand Loss (including OtherComprehensive

Income) the Cash Flow Statement Statement of

Changes in Equity for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS FinancialStatements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these Standalone Ind AS Financial Statements that give atrue and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under Section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Standalone Ind AS Financial Statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these Standalone Ind ASFinancial Statements based on our audit.

In conducting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules madethereunder.

We conducted our audit in accordance with the

Standards on Auditing specified

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 Standalone Ind AS Financial Statements are free from material misstatement. An auditinvolves performing procedures to obtain audit evidence about the amounts and thedisclosures in the Standalone Ind AS Financial Statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the Standalone Ind AS Financial Statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the Standalone Ind AS Financial Statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the Standalone Ind AS Financial Statements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Standalone Ind AS FinancialStatements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Ind AS Financial Statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2018 and its profit total comprehensive incomeits cash flows and the changes in equity for the year ended on that date.

Other Matter

The comparative financial information of the

Company for the year ended 31st March 2017 and the transition dateopening balance sheet as at 1st April 2016 included in these Standalone Ind AS FinancialStatements are based on the previously issued statutory financial statements for theyears ended 31st March 2017 and 31st March 2016 prepared in accordance with theCompanies (Accounting Standards) Rules 2006 (as amended) which were audited by thepredecessor auditor who expressed an unmodified opinion vide reports dated

30th May 2017 and 17th May 2016 respectively.

The adjustments to those the differences in accounting principlesadopted by the Company on transition date to Ind AS have been audited by us. Our opinionis not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Act we report that: (a) Wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit. (b) In our opinionproper books of account as required by law have been kept by the

Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income the Cash Flow Statement and

Statement of Changes in Equity dealt with by this Report are inagreement with the books of account.

(d) In our opinion the aforesaid Standalone Ind AS FinancialStatements comply with the Indian Accounting Standards prescribed under Section 133 of theAct read with relevant rules issued thereunder.

(e) On the basis of the written representations received from thedirectors as on 31st March 2018 taken on record by the board of directors none of thedirectors is disqualified as on 31st March 2018 from being appointed as director in termsof section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate report in "Annexure A".

(g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us: i) The Company hasstatements disclosed thefor impact ofpending litigations on its financial position in its Standalone Ind AS FinancialStatements - Refer Note 36 ii) The Company does not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses; iii) There hasbeen no delay in transferring amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's

Report) Order 2016 ("the Order") issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act we give in the"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the

Order to the extent applicable.

F or M.Anandam & Co. Chartered Accountants (Firm's RegistrationNo. 000125S)

M.R.Vikram Membership No.021012 Partner Place: Hyderabad Date: 29thMay 2018

Annexure A to the Independent Auditors' Report

(Referred to in paragraph 1 (f) under "Report on Other Legal andRegulatory Requirements" section of our report of even date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Subsection 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of Mold-Tek Technologies

Limited ("the Company") as of 31st March 2018 in conjunctionwith our audit of the Standalone Ind AS 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 andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors ancialcontrol overthe accuracy and financial completeness of the accounting records andthe timely preparation of reliable financial information as required under the

Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the

Company's internalfinancial controls over financial reporting based onour audit. We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting (the "Guidance Note")issued by the ICAI and the Standards on Auditing prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Standalone Ind AS Financial Statements whether dueto fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

>Meaning of Internal Financial Controls over Financial Reporting

Acompany'sinternal reporting is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof Standalone Ind AS 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 themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of StandaloneInd AS Financial Statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the StandaloneInd AS Financial Statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us the

Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2018 based on theinternal control over financial reporting criteria established 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.

For M.Anandam & Co. Chartered Accountants (Firm's Registration No.000125S)

M.R.Vikram Partner Membership No.021012 Date: 29th May 2018 Place:Hyderabad

Annexure - B

Annexure - B to the Independent Auditors' Report

(Referred to in paragraph 2 under "Report on Other Legal andRegulatory Requirements" section of our report of even date)

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets. physicallyverified by the management in a (b) As explained to us the periodical manner which inour opinion is reasonable having regard to the size of the Company and the nature of itsbusiness. No material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

(ii) The Company does not have any inventories. Accordingly reportingunder clause 3 (ii) of the Order is not applicable to the company.

(iii) The Company has not granted any loans to companies firms LLP orother parties covered in the register maintained under section 189 of the Act.Accordingly reporting under clause 3 (iii) of the Order is not applicable to the company.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Section 186 of the Act inrespect of making investments. The Company has not granted loans or provided guaranteesand securities.

(v) According to the information and explanations given to us theCompany has not accepted deposits within the meaning of Sections 73 to 76 of the Act andthe rules framed thereunder.

(vi) Maintenance of cost records has not beenspecifiedby the CentralGovernment under sub-section (1) of Section 148 of the Act.

(vii) (a) According to the information and explanations given to us andthe records of the Company examined by us the Company is regular in depositing undisputedstatutory dues including provident fund employees' state insurance income-taxsales-tax value added tax goods and service tax wealth tax service tax customs dutyexcise duty cess and any other statutory dues as applicable with the appropriateauthorities and there were no arrears of outstanding statutory dues as at the last day ofthe financial year concerned for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us andrecords of the Company examined by us the particulars of income tax sales tax valueadded tax goods and service tax wealth tax service tax customs duty excise duty orcess as at 31st March 2018 which have not been deposited on account of any disputepending are as under:

Name of the statute Nature of the dues

Amount (` in ‘000)

Period to which the amount relates

Forum where the dispute is pending

6312.78

AY 2008-09

1742.77

AY 2009-10

Income-tax Act 1961 Income tax

2037.02

AY 2010-11

CIT (Appeals)

16550.98

AY 2013-14

10199.22

AY 2014-15

Income-tax Act 1961 Dividend distribution tax

70.35

AY 2015-16

CIT (Appeals)
Income-tax Act 1961 Income tax

716.10

AY 2007-08

ITAT Hyderabad
Income-tax Act 1961 Income tax

1708.98

AY 2008-09

ITAT Hyderabad
Income-tax Act 1961 Income tax

827.08

AY 2009-10

ITAT Hyderabad
Income-tax Act 1961 Income tax

430.66

AY 2010-11

ITAT Hyderabad

(viii) In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in repayment of loans or borrowings tofinancial institutions banks and government. The

Company has not issued any debentures.

(ix) The Company has not raised moneys by way of initial public offeror further public offer (including debt instruments) during the year. In our opinion andaccording to the information and explanations given to us the term loans have beenapplied for the purpose for which the loans were obtained. (x) To the best of ourknowledge and belief and according to the information and explanations given to us nofraud on or by the Company was noticed or reported during the year.

(xi) In our opinion and according to the information and explanationsgive to us the Company has paid

/ provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) The Company is not a Nidhi Company and hence reporting underclause (xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanationsgiven to us and based on our examination of the records of the Company transactions withthe related parties are in compliance with section 177 and 188 of the Act where applicableand details of such transactions have been disclosed in the Standalone Ind AS FinancialStatements as required by the applicable Indian accounting standards.

(xiv) The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year and hencereporting under clause (xiv) of the Order is not applicable.

(xv) In our opinion and according to the information and explanationsgiven to us and based on our examination of the records of the Company the Company hasnot entered into any non-cash transactions with directors or persons connected with himand hence provisions of section 192 of the Act are not applicable.

(xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act

1934.

For M. Anandam & Co. Chartered Accountants (Firm's Registration No.000125S)

M.R.Vikram Partner Membership No.021012

Place: Hyderabad

Date: 29th May 2018