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Western Ministil Ltd.

BSE: 504998 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE187U01015
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Western Ministil Ltd. (WESTERNMINISTIL) - Auditors Report

Company auditors report

To the Members of WESTERN MINISTIL LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone Ind AS financial statements of Western

Ministil Limited ("the Company") which comprise the Balance Sheet as atMarch 31

2019 the Statement of Profit and Loss (including other comprehensive income) the

Statement of Cash Flows and the Statement of Changes in Equity for the year then endedand a summary ofthesignificantaccounting policies and other explanatory information(hereinafter referred to as ‘Standalone Ind AS financial statements').

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matters described in the Basis for QualifiedOpinion paragraph 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 including the IndAS of the financial position of the Company as at March 31 2019 and its financialperformance including other comprehensive income its cash flows and the changes inequity for the year ended on that date.

Basis for Qualified Opinion

1. The company has not made provision for interest on short term borrowings since April1 2001 till March 31 2019. As a consequence loss for the year is overstated by ` 11.47lakhs and accumulated losses under Other Equity and Other Current Financial Liabilitiesare understated by ` 206.40 lakhs (understated by ` 194.93 lakhs as at March 31 2018).

2. The management has prepared the financial statement on going concern basisnotwithstanding the fact that the Company is facing financial difficulties and accumulatedlosses of the Company as at the Balance Sheet date exceeds its paid up share capital andfree reserves indicating uncertainty that casts significant doubt on the Company'sability to continue as a going concern. As a consequence resultant impact on the assetsliabilities and loss for the year ended March 31 2019 is not ascertainable.

Key Audit Matters

Except for the matter described in the Basis for Qualified Opinion or Material

Uncertainty Related to Going Concern section we have determined that there are no keyaudit matters to communicate in our report.

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts)

Rules 2014. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and 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 accuracy and completeness of theaccounting records relevant to the preparation and presentation of the standalone Ind ASfinancial 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 standalone Ind AS financialstatements based on our audit.

While conducting the 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 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 standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial 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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the Annexure "A" a statement on the matters specified in paragraphs 3 and 4of the Order to the extent applicable.

2. 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 audit. (b) In ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Statement of Cash Flows and the Statement of Changes in Equity dealt with bythis Report are in agreement with the books of account.

(d) Except for the effects of the matter described in the Basis for Qualified

Opinion paragraph above in our opinion the aforesaid standalone Ind AS financialstatements comply with the Accounting Standards specified under

Section 133 of the Act read with rule 7 of the Companies (Accounts) Rules 2014.

(e) The matters described in paragraph under the Basis for Qualified Opinion paragraphabove in our opinion may have an adverse effect on the functioning of the Company.

(f) On the basis of the 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 on March 31 2019 from being appointed as a director in terms of Section164(2) of the Act.

(g) With respect to the adequacy of internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure B.

(h) 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. TheCompany has disclosed the impact of pending litigations on its financial position in itsstandalone Ind AS financial statements- Refer Note No. 19 on Contingent Liabilities to thestandalone Ind AS financial statements. ii. The Company did not have any long termcontracts including derivative contracts. Hence the question of any material foreseeablelosses does not arise. iii. There were no amounts which are required to be transferred tothe Investor Education and Protection Fund by the Company.

For D B Shah & Associates
Chartered Accountants
(Firm's Registration No. 109530W)
Sd/-
(Dharmen B. Shah)
Place : Mumbai Proprietor
Date : 30th May 2019 M.No: 036324