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Nagpur Power & Industries Ltd.

BSE: 532362 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE099E01016
BSE 00:00 | 28 Feb 35.00 0.10






NSE 05:30 | 01 Jan Nagpur Power & Industries Ltd
OPEN 36.55
52-Week high 45.75
52-Week low 20.65
Mkt Cap.(Rs cr) 46
Buy Price 33.20
Buy Qty 1.00
Sell Price 34.90
Sell Qty 446.00
OPEN 36.55
CLOSE 34.90
52-Week high 45.75
52-Week low 20.65
Mkt Cap.(Rs cr) 46
Buy Price 33.20
Buy Qty 1.00
Sell Price 34.90
Sell Qty 446.00

Nagpur Power & Industries Ltd. (NAGPURPOWER) - Auditors Report

Company auditors report


The Members of


Report on the Consolidated Ind AS Financial Statements

We have audited the accompanying consolidated financial statements of NAGPUR POWER ANDINDUSTRIES LIMITED ("the Holding Company") and it's Subsidiary THE MOTWANEMANUFACTURING COMAPANY PRIVATE LIMITED. (the Holding Company and its Subsidiary togetherreferred to as the "Group") which comprise the Consolidated Balance sheet as at31 March 2018 and the consolidated Statement of profit and loss (including OtherComprehensive Income) the Consolidated cash flow statement and the Consolidated statementof changes in equity for the year then ended and a summary of the significant accountingpolicies and other explanatory information (hereinafter referred to as "theconsolidated Ind AS financial statements").

Management's Responsibility for the Consolidated Ind AS Financial Statements

The Holding Company's Board of Directors is responsible for the preparation of theseconsolidated Ind AS financial statements in terms of the requirements of the CompaniesAct 2013 (hereinafter referred to as "the Act") that give a true and fair viewof the consolidated financial position consolidated financial performance including othercomprehensive income consolidated cash flows and consolidated statement of changes inequity of the Group including its subsidiary in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards prescribed underSection 133 of the Act read with relevant rules issued thereunder. The respective Board ofDirectors of the Companies included in the Group and of its subsidiary are responsible formaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Group and its subsidiary and for preventing anddetecting 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 accounting recordsrelevant to the preparation and presentation of the Ind AS financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror which have been used for the purpose of preparation of the consolidated financialstatements by the Directors of the Company as aforesaid.

Auditor's Responsibility

Our responsibility is to express an opinion on these Consolidated Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under.

We conducted our auditin 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 Consolidated Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in Consolidated Ind AS financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe consolidated Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theHolding Company's preparation of the Consolidated Ind AS financial statements that give atrue and fair view in order to design audit procedures that are appropriate in thecircumstances.

An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by the Holding Company's Board ofDirectors as well as evaluating the overall presentation of the Consolidated Ind ASfinancial statements.

We believe that the audit evidence we have obtained by us and the audit evidenceobtained by the other auditors in the terms of their reports referred to in sub-paragraphbelow is sufficient and appropriate to provide a basis for our audit opinion on theconsolidated financial statements.


In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Consolidated Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of theconsolidated state of affairs of the Group as at 31 March 2018 and their consolidatedfinancial performance including other comprehensive income their consolidated cash flowsand consolidated changes in equity for the year ended on that date.

Other Matter

1. The comparative financial information of the Group for the year ended 31 March 2017and the transition date opening balance sheet as at 1 April 2016 included in theseconsolidated Ind AS financial statements are based on the previously issued statutoryfinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 audited by the predecessor auditors whose report for the year ended 31 March2017 and 31 March 2016 dated 30th May 2017 and 27th May 2016 respectivelyexpressed an unmodified opinion on those consolidated financial statements as adjustedfor the differences in the accounting principles adopted by the Group on transition to IndAS. Our opinion is not modified in respect of this matter.

2. We did not audit the financial statements of the subsidiary company namely TheMotwane Manufacturing Company Private Limited whose financial statements reflect totalassets of Rs. 2848.32 Lacs as at 31st March2018 total revenue of Rs. 2981.18Lacs and net profit of Rs. 7.79 Lacs for the year ended on that date as considered in theconsolidated Ind AS financial statements. These financial statements and other informationhave been audited by the other auditor whose report has been furnished to us by themanagement and our opinion on the Consolidated financial statements in so far as itrelates in terms of sub-section (3) and (11) of Section 143 of the Act in so far as itrelates to the aforesaid associate is based solely on the report of the other auditor.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act based on our audit and on the considerationof the report of the other auditor on the separate financial statements of the Subsidiaryas noted in Other Matter paragraph above we report to the extent applicable that:

a) We have sought and obtained all the information and explanations which to the bestour knowledge and belief were necessary for the purpose of our audit of the aforesaidconsolidated Ind AS financial statements

b) In our opinion proper books of accounts as required by law have been kept by theCompany so far as appears from our examination of those books and the reports of the otherauditor

c) The Consolidated Balance Sheet the Consolidated Statement of Profit and Loss theConsolidated statement of Cash flows and the Consolidated Statement of changes in equitydealt with by this Report are in agreement with the relevant books of account maintainedfor the purpose of preparation of consolidated Ind AS financial statements.

d) In our opinion the aforesaid consolidated Ind AS financial statements comply withthe Indian accounting standards referred to in the Section 133 of the Companies Act 2013and read with relevant rules issued thereunder.

e) On the basis of written representations received from the directors of the HoldingCompany as on March 31 2018 and taken on record by the Board of Directors of the Holdingcompany and the reports of the Statutory auditor of its Subsidiary companynone of thedirectors of the group is disqualified as on March 31 2018 from being appointed as adirector in terms of Section 164(2) of the Act ; and

f) With respect to the adequacy of the internal financial controls over financialreporting of the Holding Company its Subsidiaryand the operating effectiveness of suchcontrols refer to our separate Report in ''Annexure A''; 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 according to the explanations given to us and basedon the consideration of the report of the other Auditors on separate financial statementsas also the other financial information of the Subsidiary as noted in the "OtherMatter" paragraph :

i. The consolidated Ind AS financial statements disclose the impact of pendinglitigations on the consolidated financial position of the Group. Refer Note 41 to theConsolidated Ind AS financial statements;

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Holding company incorporated in Indiaduring the year ended 31st March 2018.

For Parekh Sharma & Associates
Chartered Accountants
Firm Regn. No. 129301W
Sujesh Sharma
M. No.118944
Place: Mumbai
Date: 30th May 2018