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INDEPENDENT
AUDITORS’ REPORT
TO THE MEMBERS OF
MITTAL & CO. LTD.
Report on the Standalone Financial
Statements
We have audited the accompanying
standalone financial statement of MITTAL
& CO. LTD. (“the
Company”), which comprises the Balance sheet as at March 31, 2018, and the
Statement of Profit and Loss and the Cash Flow Statement for the year then
ended, and a summary of significant 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 Section 134(5) of the Companies Act, 2013 (“the Act”) with
respect to the preparation of these standalone 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 accounting principles generally
accepted in India including the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This
responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error
Auditor’s Responsibility
Our responsibility is to express an opinion on these
standalone financial statements based on our audit. We have taken into account
the provisions of the Act, the accounting and auditing standards and matters
which are required to be included in the audit 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 under Section 143(10) of
the Act. Those Standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing
procedures to obtain audit evidence about the amounts and the disclosures in
the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and fair view in order
to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on whether the Company has in place an
adequate internal financial controls system over financial reporting and the
operating effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness of the
accounting estimates made by the Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe
that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our qualified audit opinion.
OPINION
In
our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements give
the information required by the Act in the manner so
required
and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at March
31, 2018, and its profit and its cash flows for the year ended on that date.
Report
on Other Legal and Regulatory Requirements
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 best of our knowledge and belief were
necessary for the purposes of our audit;
b)
In our opinion, proper 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 Profit and Loss
Statement, and the Cash Flow Statement dealt with by this Report are in agreement
with the books of account.
d)
In our opinion, the aforesaid standalone
financial statements comply with the Accounting Standards 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 March 31, 2018, taken on record by the Board
of Directors, none of the directors is disqualified as on March 31, 2018, from
being appointed as a director in terms of Section 164 (2) of the Act.
f)
With respect to the other matters to be
included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, in our opinion and 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 financial position in its financial statements as referred
to in Note 33.2 (d), (e) and Note 34 to the financial statements.
(ii) The Company has
made provision, as required under the applicable law or accounting standards,
for material foreseeable losses, if any, and as required on long-term contracts
including derivative contracts.
(iii) There has been
no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company except a sum of 17 crore, which
are held in abeyance due to pending legal cases.
For SANDHYA & CO.
CHARTERED ACCOUNTANTS
Firm Registration No.416454E
r k aGARWAL
12/2, S.P.PAUL Road,9th Floor Partner
Room no.4& 5. Membership No.017815
Kolkata-700012
Date : 15th April, 2018
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