CASTEX TECHNOLOGIES Auditors Report

We have audited the accompanying Standalone financial statements of
CASTEX TECHNOLOGIES LIMITED (Formerly Known as Amtek India Ltd.) ("the
company"), which comprise the balance sheet as at 30th September 2015,
the statement of profit and loss & 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 Standalone Financial Statements

The company''s board of directors is responsible for the matters
specified 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 the maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the
assets of the company and for preventing and detecting the 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 control, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Standalone
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 thereunder.

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 Standalone financial
statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the Standalone financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the Standalone
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 Standalone 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 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
Standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Standalone
financial statements.

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;

a) in the case of the balance sheet, of the state of affairs of the
company as at September 30, 2015;

b) in the case of the statement of profit and loss, of the Loss for the
year ended on that date; and

c) in the case of the cash flow statement, of the cash flow for the
year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of sub
section (11) of section 143 of the Act, we give in annexure - 1, a
statement on the matters specified in paragraph 3 & 4 of the Order.

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 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 appears from our examination of those
books.

c) the balance sheet, the statement of profit and loss, 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 written representations received from the directors
as on 30th September 2015, taken on record by the board of directors,
none of the directors is disqualified as on 30th September 2015, from
being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the other matters included in the Auditor''s Report
in accordance with Rule 11 of the Companies (Audit & Auditors) Rules,
2014, in our opinion and to our 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 Standalone financial statements (Refer to
note no ? 2.25).

ii) The company did not have any long-term contract including
derivatives contract for which there were any material foreseeable
losses.

iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the company.

Annexure 1 referred to under paragraph 1 of the Report on Other Legal
and Regulatory Requirements of the Auditors'' Report

Re: CASTEX TECHNOLOGIES LIMITED (Formerly Known as Amtek India Ltd.)
(''the Company'')

(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of the fixed
assets.

(b) All the fixed assets have been physically verified by the
management during the year. There is a regular program of verification,
which, in our opinion, is reasonable having regard to the size of the
company and nature of its assets. As per the information/reports
submitted by the company, no material discrepancies have been noticed
on such verification.

(ii) (a) We have been informed that the inventory of stores and spares
are physically verified during the year by the management on a
continuous basis as per program of perpetual inventory. The inventories
of other items have been physically verified at the year-end. The
frequency of physical verification, in our opinion, is reasonable
having regard to the size of the company and nature of its business.

(b) In our opinion and according to the explanation given to us, the
procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.

(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification by the management between the
physical stock and book records, though not material, have been
properly dealt with in the books of account and are not material.

(iii) (a) The Company during the year under report, has given unsecured
loans and advances to its Subsidiaries, associates, joint ventures,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013 (''the Act''). The balance outstanding as
at the end of the year and maximum balance at any time during the year
was Rs. 20,709.72 lacs and Rs. 20,709.72 lacs respectively.

(b) In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other terms
and conditions are not prima-facie prejudicial to the interest of the
company.

(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and nature of its business, with regard to
the purchases of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal
control system of the company.

(v) Since the company has not accepted any deposit from public, the
provisions of section 73 to 76 and the rules framed there under with
regard to filing of statutory returns as required under these
provisions and the relevant rules are not applicable to the company.

(vi) We have broadly reviewed the cost records maintained by the
company and report that prima-facie, the directions specified by the
Central Government under sub-section (1) of section 148 of the
Companies Act, with regard to maintenance of cost records have been
complied with.

(vii) (a) According to the information and explanations given to us and
as per the records of the company, the company has been regular in
depositing undisputed statutory dues including provident fund, income
tax, wealth tax, service tax, duty of custom, duty of excise, value
added tax, cess and other statutory dues with appropriate authorities
during the year.

(b) According to information and explanations given to us, the
following dues of income tax, sales tax, wealth tax, service tax custom
duty, excise duty, value added tax and cess Which have not been
deposited on account of matters pending before appropriate authorities
are as under:

Sr. Name of the
Statute Nature Year to which Forum where Amount
No. of Dues the amount dispute is (Rs.
relates pending in lacs)

1 Central
Excise Act Excise 2012 Commissioner
Appeals, 6.51
Jaipur

2 Central
Excise Act Excise 2007 Excise Deptt. 9.12

3 Central
Excise Act Excise 2010 Commissioner
Appeals, 3.41
Jaipur

4 Central
Excise Act Excise 2010 Tribunal
Bench, 2.59
Delhi

5 Central
Service Tax Service
Tax 2007 Service
tax Deptt. 0.30

6 Central
Service Tax Service
Tax 2008 Service
tax Deptt. 0.07

7 Central
Service Tax Service
Tax 2010 Commissioner
Appeals, 0.74
Jaipur


8 Central
Excise Act Excise 2014-15 Additional 24.16
Commissioner
Appeals, Alwar

9 Central
Service Tax Service
Tax 2013 to
2015 Deputy
commissioner 4.98
of central
Excise

10 Income Tax
Act, 1961 Income
Tax Block
Assessement Income Tax
Appellant 1125.31
from A.Y.
2005-2006 Tribunal,
Delhi
to 2012-
2013

Total 1,177.19

(c) As per the information and explanations given to us and based on
the records of the company produced to us, the company does not have
any amount that is required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the Act
and the rules made there under.

(viii) The company does not have accumulated losses as at the end of
this financial year and has not incurred cash losses during the current
financial year under report and also during the immediately preceding
financial year.

(ix) According to the information and explanations given to us and as
per our verification of the records of the company, there had been
delays in payment of instalments and Interest of term loan to the
bank/financial institution during the year. The amount overdue as on
the date of balance sheet was Rs.14,023.67 Lacs Principal and
Rs.7,352.44 Lacs interest with Average delay of less than 90 Days

(x) According to the information and explanations given to us,the
company has given corporate guarantee of Rs.32,300 Lacs for the loans
availed by Subsidiaries, associates, joint ventures and other group
companies from banks and financial institutions and terms and
conditions are not prejudicial to the interests of the company.

(xi) According to the information and explanations given to us, the
term loans availed by the company have been applied for the purpose for
which the loans were obtained.

(xii) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.

For & on behalf of

Manoj Mohan & Associates

Chartered Accountants

ICAI Firm Regd. No.009195C



Sd/-

(Manoj Kumar Agarwal)

Place :New Delhi Partner

Dated:28th November, 2015 Membership No -76980

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.
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